Payward and Singapore Gulf Bank Enable 247 USD Settlements for Crypto Markets
Payward, the parent company of cryptocurrency exchange Kraken, has teamed up with Singapore Gulf Bank to offer 24/7 U.S. dollar settlements for institutional clients in Asia and the Gulf region. Announced on October 5, the partnership aims to bridge the gap between the continuous operations of crypto markets and the limited banking hours of traditional financial institutions.
The deal integrates Singapore Gulf Bank’s payment network, SGB Net, into Payward’s services, enabling clients to transfer funds at any time, including weekends. SGB Net processes over $20 billion in fiat transactions monthly, providing the necessary scale for real-time settlements. The agreement also links Singapore Gulf Bank with Kraken Prime, enhancing the bank’s offerings with digital asset liquidity.
Mark Greenberg, Payward’s chief commercial officer, highlighted the importance of continuous settlement for institutional investors. Meanwhile, Singapore Gulf Bank CEO Shawn Chan emphasized the value of fast settlement and deep liquidity. This partnership follows another agreement Payward made in September with SoFi, which also introduced 24/7 U.S. dollar transfers.
The new service is currently limited to U.S. dollar settlements for a select group of clients. However, if Kraken Prime expands to include more currencies and clients, the service could become a more comprehensive solution for institutional investors looking to move capital between fiat and digital assets.