Payward, Singapore Gulf Bank Launch 24/7 Settlement Services for Institutional Clients
Payward, the parent company of Kraken, has partnered with Singapore Gulf Bank to offer 24/7 instant settlement for digital assets to institutional clients in Asia and the Gulf region. This partnership aims to bridge the gap between the 24/7 crypto market and traditional banking hours.
The deal integrates SGB Net, the bank's real-time multi-currency clearing network, into Payward's infrastructure. The service will start with USD transactions and a select group of clients, with plans to expand to more currencies and clients over time. Liquidity for the setup will run through Kraken Prime, Payward's institutional prime brokerage arm.
SGB Net has reportedly handled over $2 billion in fiat transaction volume each month. The goal of the partnership is to reduce operational friction and speed up how quickly institutional clients can deploy funds.
This is part of a broader Payward playbook, following a similar partnership with SoFi for real-time USD settlement. SGB Net already has 24/7 partnerships with Cactus Custody and Fireblocks, both serving institutional players in the digital asset space.