Key Highlights
- Singapore Gulf Bank (SGB) has integrated with Payward to offer 24/7 institutional U.S. dollar transfers via SGB Net.
- SGB is expanding its partnership with Payward’s Kraken Prime to access digital asset liquidity and price customer trades in the coming months.
- The companies plan to expand the service beyond its initial U.S. dollar scope by introducing more currencies and client institutions over time.
Institutional Dollar Transfers Go Live via SGB Net
Participating clients of Singapore Gulf Bank can now fund Payward accounts at any hour following the integration of the bank’s clearing rails with Payward’s institutional infrastructure. Powered by SGB Net, the U.S. dollar connection operates 24 hours a day, seven days a week, providing financial institutions with increased operational flexibility to move cash for digital-asset activity outside of traditional banking hours.
Singapore Gulf Bank originally announced the rollout of SGB Net on May 1, 2025. Payward has now officially connected to this operational settlement network, establishing a dedicated, continuous funding channel for the institutions selected in the initial phase. While the settlement feature is fully active for these initial participants, the service is currently confined to U.S. dollar transactions.
Partnership Scope and Regional Availability
The strategic collaboration primarily centers on institutions operating across Asia and the Gulf region. However, official releases have not disclosed the specific identities of participating clients or published an exhaustive list of eligible countries. Consequently, financial institutions outside the foundational group have not received a jurisdiction-by-jurisdiction guide outlining immediate availability, as local regulatory and jurisdictional limits dictate where the service may be deployed.
Looking ahead, Singapore Gulf Bank and Payward intend to scale the offering by onboarding additional clients and integrating alternative fiat currencies. The broader expansion plans involve expanding who can access the network and diversifying the asset types it supports, though the firms have not established a definitive launch date for this multi-currency rollout.
Integration with Kraken Prime for Customer Trading
Beyond institutional settlement, Singapore Gulf Bank is extending its alliance with Payward by tapping into Kraken Prime. The bank plans to leverage Payward markets for digital asset liquidity to help price trades for its own customers. Although the announcement indicates that this customer-pricing feature is targeted for rollout over the coming months, neither firm has committed to a specific launch date.
The operational framework divides the partnership into two distinct capabilities: the active, live connection allows approved institutions to transfer dollars into Payward for immediate market deployment, while the forthcoming liquidity partnership will enable Singapore Gulf Bank to directly source digital asset pricing for its native customer base.
Why This Matters
Traditional fiat settlement systems frequently impose cut-off times, weekend closures, and cross-border settlement bottlenecks, restricting liquidity flow for global crypto market participants. SGB Net’s round-the-clock U.S. dollar bridge resolves these frictions for participating institutions in the Gulf and Asia, allowing uninterrupted capital deployment into Payward. Key developments to monitor moving forward include the formal launch of Singapore Gulf Bank’s customer-pricing mechanisms alongside the addition of non-dollar settlement currencies.
Frequently Asked Questions
What is the primary function of SGB Net in this partnership?
SGB Net operates as a 24/7 institutional transfer network that allows participating Singapore Gulf Bank clients to deposit and move U.S. dollars into Payward accounts at any time for digital asset operations.
When will Singapore Gulf Bank roll out crypto trading for its customers?
Singapore Gulf Bank intends to begin pricing digital asset trades for its customers using Payward’s Kraken Prime liquidity over the coming months, though a precise commercial launch date has not yet been announced.
Are other currencies supported beside the U.S. dollar?
At present, the live clearing service is limited to U.S. dollars. Payward and Singapore Gulf Bank plan to add additional fiat currencies and expand the eligible client base over time without a fixed timeline.
