Payward Partners with Singapore Gulf Bank for 247 Crypto Settlements

Payward, the parent company of Kraken, has partnered with Singapore Gulf Bank (SGB) to offer 24/7 settlement services for institutional investors in Asia and the Gulf. The collaboration aims to bridge the gap between the always-on crypto markets and traditional banking hours, allowing clients to settle U.S. dollar transactions at any time.

SGB Net, the integrated service, currently handles over $20 billion in fiat transactions monthly, providing the necessary scale for real-time processing. Mark Greenberg, Payward’s chief commercial officer, emphasized that the partnership addresses the mismatch between banking hours and the 24/7 nature of digital asset markets, which is crucial for institutional investors.

Shawn Chan, SGB CEO, highlighted that liquidity is only valuable if clients can access funds when needed, underscoring the importance of fast settlements and deep liquidity. The partnership also enables SGB to integrate with Kraken Prime, expanding digital asset liquidity options for its banking relationships.

Payward’s banking network is expanding beyond the U.S. after its September partnership with SoFi, which allowed 24/7 USD transfers. The latest deal with SGB extends this model to Asia and the Gulf, broadening Payward’s global reach. As the network grows, it could create a positive network effect, attracting more regulated banking institutions and increasing institutional activity in digital asset markets.