Payward Connects to Singapore Gulf Bank, Launching 24/7 Institutional Dollar Settlement

Payward, the parent company of cryptocurrency exchange Kraken, has integrated with Singapore Gulf Bank’s SGB Net clearing network. This connection establishes round-the-clock US-dollar funding pathways for selected institutional clients across Asia and the Gulf region.

According to the companies, participating clients in eligible jurisdictions can deposit cash with Payward and utilize those funds immediately for digital asset transactions.

In a joint release dated Oct. 5, the partners outlined an initial dollar settlement service. Additionally, Singapore Gulf Bank (SGB) plans to leverage Payward’s market infrastructure to price digital asset trades for its own clientele in the coming months, establishing a dual-component partnership comprising a live funding channel and a future trading pricing mechanism.

Through the SGB Net system, participating SGB clients can fund their Payward accounts at any hour of the day. The dollar connection operates 24 hours a day, seven days a week, offering institutional players enhanced flexibility regarding when they move capital for digital asset activities.

The official announcements do not disclose the names of the participating institutions or specify a complete list of eligible countries. Consequently, institutions outside the initial group do not have a country-by-country guide to service availability. While the regional focus highlights Asia and the Gulf, specific jurisdictional restrictions still apply to limit where the service can be accessed.

Both companies intend to expand the initiative over time by adding more clients and currencies, though they have not provided an exact timeline for this expansion.

Although the settlement connection is currently active for select institutions, the initial rollout is restricted to these pioneer clients and US dollars. Future expansion plans will target both the participant network and the range of supported currencies.

Increasing the client base will broaden participation, while integrating additional currencies will extend the service beyond its initial US-dollar scope.

Singapore Gulf Bank announced the launch of its SGB Net network on May 1, 2025. Payward’s integration connects to this pre-existing infrastructure, adding a vital funding route for the institutions included in the initial phase of the offering.

SGB expands partnership with Kraken

In parallel, SGB is partnering with Payward’s Kraken Prime to source digital asset liquidity. The financial institution plans to utilize Payward’s market depth to price customer trades over the coming months. While the announcement highlights this broad objective, it lacks a specific date for the commencement of the customer-pricing service.

The active settlement connection enables participating institutions to transfer dollars into Payward accounts and deploy them instantly. Conversely, the planned pricing initiative focuses on SGB sourcing liquidity to facilitate digital asset trades for its proprietary customer base.

Looking ahead, key milestones to monitor include the official launch of SGB’s customer-pricing service, alongside the onboarding of further settlement clients and currencies. Although customer pricing has an approximate timeline of the coming months, the broader expansion of the funding network remains undated.

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