Kraken通过SGB将24/7银行结算扩展至亚洲及海湾地区

Payward connects Kraken to Singapore Gulf Bank's real-time clearing network

Payward (parent company of cryptocurrency exchange Kraken) announced a connection to SGB Net (Singapore Gulf Bank's real-time multi-currency clearing network). Settlement services are currently denominated in US dollars and are limited to selected institutional customers in Asia and the Gulf region. As part of the partnership, Gulf Bank of Singapore will price digital asset transactions for its clients through Kraken Prime. This cooperation structure is identical to the agreement Payward signed with Wells Fargo Financial (SoFi) in early September this year.

24/7 USD settlement: single currency, selected customers, and no disclosed fees

On October 5, Payward announced a partnership with Gulf Bank of Singapore (SGB) to connect it to SGB Net, the bank's real-time multi-currency clearing network. Eligible institutional customers from both parties can now settle eligible U.S. dollar transactions at any time without having to wait for the banking system's deadline window. This is the second bank network Payward has joined in about a month, with almost identical terms.

Phase 1 covers only the U.S. dollar, selected institutional clients, and supporting jurisdictions in Asia and the Gulf region. The two companies plan to add customers and currency types, but did not provide a specific timetable. In addition, the two parties did not disclose the number of participating customers, expected transaction volume and fee details. Kraken users on the retail side are not included in this range.

Why should trading desks leave idle funds on exchanges on weekends

The digital asset market is traded around the clock, but the legal currency that funds these transactions is still circulated through correspondent banks with operating hours and settlement windows. If trading desks want to buy at 11 p.m. on Saturday when prices fluctuate sharply, they can only use funds already placed in the trading venue. This forces institutions to pre-fund their accounts, leave excess capital on exchanges, or hold stablecoins until Monday.

SGB Net is never closed. Eligible SGB customers can deposit funds with Payward and transact with it without having to wait for the next bank business day. Mark Greenberg, Payward's chief commercial officer, concluded this: "Settlement stops at the end of the business day." For corporate finance teams, this means less idle capital is needed for weekend hedging.

SGB will price crypto transactions for its own customers through Kraken Prime

SGB is not only a service provider, but also includes Kraken Prime (Payward's institutional trading platform) as an additional source of liquidity in its system. In the coming months, SGB will leverage Payward's market data when pricing digital asset transactions for clients. CEO Shawn Chan pointed out that liquidity will be worthless if customers cannot move money when needed.

Payward rebuilt Kraken Prime on August 27. The platform now combines multi-site execution, order management and settlement capabilities in one interface, allowing institutions to trade within credit lines and settle their net exposure at the end of the cycle.

SoFi signed in September, SGB signed in October: Repeated applications of the same cooperation structure

On September 3, Payward joined the SoFi Exchange Network, allowing the agency's Kraken customers to achieve round-the-clock flow of U.S. dollar funds. SoFi uses Kraken Prime as a source of liquidity, and Payward agreed to list SoFiUSD (stablecoins issued by the bank) on its platform.

What the two transactions have in common are: US$24/7 settlement, and the bank's access to liquidity from Kraken Prime.

Payward stated in a SGB announcement that it intends to continue to increase the number of regulated banking partners.

Although named "Singapore", it is actually a licensed bank in Bahrain

Although named Gulf Bank of Singapore, it is supervised by the Central Bank of Bahrain. Its supporters include Bahrain's sovereign wealth fund Mumtalakat and Singapore investment firm Whampoa Group. SGB said the network's current monthly fiat currency transaction volume has exceeded US$20 billion, compared with just over US$2 billion in February. These data come from the bank itself.

Development history of SGB Net

• May 2025: SGB launches the network.
• January 2026: Adopt JPMorgan's Wire 365 service for uninterrupted dollar clearing.
• February 2026: announced the establishment of a stablecoin layer for USDC and USDT.
• May 2026: Cooperated with Standard Chartered Bank to carry out multi-currency clearing, with monthly transaction volume exceeding US$2 billion.
• October 2026: Payward completed integration, with monthly transaction volume exceeding US$20 billion.

Wire 365 is a payment service from JPMorgan that is able to clear dollars on weekends and public holidays, which explains how a young digital bank moves dollars on Sundays. In February this year, the bank announced the establishment of a stablecoin layer next to the balance of fiat currencies. Its minting and redemption services were launched in April, supporting the USDC in the first batch.

Impact on regional trading desks and Payward revenue structure

Eligible customers are given the option of injecting funds into Kraken accounts in U.S. dollars instead of stablecoins outside non-bank hours. Its value depends on unannounced fees and limits.

For Payward, the transaction helps its banking unit (which is responsible for deposits, payments, cards, custody and loans) as transaction fees are shrinking as a proportion of the business. This shift is shown based on its second-quarter 2026 financial report:

• Adjusted revenue: US$508 million, a year-on-year increase of 17%.
• 调整后 EBITDA： 2300万美元，低于去年同期的8000万美元。
• 平台交易量： 3100亿美元，同比下降18%。
• 基于资产及其他收入占比： 升至60%，高于去年的55%。

在交易量和利润下降的情况下营收依然增长，这正是 Payward 依赖此类银行和基础设施交易的原因。

Nasdaq Ventures 已于9月10日同意向 Payward 投资1亿美元，并在代币化股票方面展开合作。还有两项待决事项将展示该战略的深度：美国货币监理署（OCC）尚未就 Payward 5月申请的全国性信托特许状作出裁决；同时，大型银行也在准备自己的答案。由摩根大通、美国银行和花旗银行等拥有的支付运营商 The Clearing House 预计将在2027年上半年向其参与的机构开放代币化存款网络。