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BTC Payward integrates Singapore Gulf Bank's SGB Net network for round-the-clock institutional settlement
Payward, parent company of cryptocurrency exchange Kraken, announced that it has integrated Singapore Gulf Bank's SGB Net real-time clearing network to provide institutional customers with settlement services 24 hours a day, 7 days a week.
According to both companies, the service will initially conduct US dollar transactions to some selected customers, and plans to expand to more customer groups and multiple currencies in the future. In addition, Gulf Bank of Singapore will also obtain liquidity support for its own digital asset customers through Payward's prime broker business Kraken Prime.
Breaking through traditional bank settlement restrictions
The two parties said in a statement released on Sunday that the integration allows institutional customers to achieve round-the-clock transaction settlement. Payward pointed out that the cooperation aims to solve a banking bottleneck facing the cryptocurrency industry: digital asset markets continue to trade when traditional banks 'settlement windows close.
Mark Greenberg, chief commercial officer at Payward, said: "Exchanges, payment providers, over-the-counter (OTC) counters, and fintech companies all face the same banking constraints. As the traditional working day ends, the settlement service stops, but the trading market behind it does not stop."
SGB Net Integrated Operation Mechanism
According to the announcement, SGB Net is a real-time multi-currency clearing network launched in 2025, and currently handles more than US$20 billion in fiat currency transactions per month. At the beginning of this promotion, US dollar transactions will only be opened to some customers, and plans to add more customers and currency types over time. The company emphasizes that the service is only available in certain jurisdictions.
Gulf Bank of Singapore, a digital bank supervised by the Central Bank of Bahrain, has also entered into a partnership with Kraken Prime to gain liquidity. In the coming months, the bank will use Payward's market data to price transactions for its own customers.
Shawn Chan, CEO of Gulf Bank of Singapore, said: "If customers cannot mobilize funds when needed, then obtaining liquidity is meaningless."
Payward expands banking partnerships
Payward described the integration as part of building a "Payward Banking" system and defined it as the "funding layer behind the Payward platform." The company said it will continue to add more banking partners.
Previous media reports said that BNY (Bank of New York Mellon) is negotiating cooperation with Payward covering digital assets and financial infrastructure. Although neither party commented on this, the integration with Gulf Bank further confirms Payward's active layout in the field of banking cooperation.
