Payward and Singapore Gulf Bank Partner for 24/7 Institutional Crypto Settlements

Payward, the parent company of the cryptocurrency exchange Kraken, has announced a new partnership with Singapore Gulf Bank (SGB) to offer 24/7 USD settlement services for institutional clients. The collaboration, revealed on October 5, leverages SGB's real-time multi-currency settlement network, SGB Net, enabling immediate fund transfers and usage for customers in Asia and the Gulf region. Initially, the service will be limited to select clients and USD transactions, with plans to expand to additional customers and currencies in the future.

SGB clients will benefit from round-the-clock deposits and immediate access to funds, a significant improvement over traditional settlement processes that often take days and are subject to strict cutoff times. The partnership also allows SGB to utilize Kraken Prime, Payward's institutional brokerage service, as a new source of liquidity for digital asset-related services. SGB aims to incorporate Payward's market data into customer pricing within the next few months.

Payward views this collaboration as a step toward strengthening its banking infrastructure, Payward Banking. The company intends to continue forming partnerships with licensed banks to enhance its banking services offerings. SGB, operating under the supervision of the Central Bank of Bahrain, is backed by Singapore's Whampoa Group and Bahrain's sovereign wealth fund Mumtalakat, with plans to launch SGB Net in 2025.