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FollowingPayward cooperates with SGB: Reports differ on transaction volume and type of bank license
CryptoBriefing and crypto.news both reported on a settlement partnership between Payward (Kraken's parent company) and Singapore Gulf Bank (SGB) via access to SGB Net. However, the two media outlets gave conflicting information on SGB Net's monthly transaction volume data and the classification of SGB bank licenses.
The consensus of all parties
cooperation structure establishes: Payward, as Kraken's parent company, has established a partnership with SGB to provide round-the-clock (24/7) settlement services through access to SGB Net.
Service scope and expansion plan: This service will initially provide US dollar transaction settlement support to a select group of institutional customers in Asia and the Gulf region, and plans to expand to more currencies and customer groups in the future. In this arrangement, Kraken Prime will provide liquidity support.
SGB Net Network Overview: SGB Net is described as a real-time, multi-currency clearing network that will be officially launched in May 2025.
Report divergence points
1. SGB Net's monthly fiat transaction volume
Regarding the network's monthly fiat processing scale, the data given by different sources vary greatly:
- CryptoBriefing reports: The network handles more than US$2 billion in fiat transactions per month.
- Crypto.news reports: SGB stated that the monthly volume of fiat currency transactions processed by SGB Net has exceeded US$20 billion.
Verification basis: Need to wait for Gulf Bank of Singapore to officially disclose verified SGB Net transaction volume data, or obtain an independent audit report on its clearing network.
2. SGB's classification of banking licenses
Although SGB itself is a fully licensed digital bank supervised by the Central Bank of Bahrain, there are also discrepancies in reports regarding its specific license type:
- CryptoBriefing reports: SGB is licensed by the Central Bank of Bahrain as a "traditional wholesale bank".
- Crypto.news reports: SGB is a fully licensed digital bank.
Verification basis: Check the Central Bank of Bahrain's public licensed bank directory to confirm the official licence category of the SGB.
Comprehensive evaluation and recommendations
In view of the above disputes, it is recommended to adopt the following cautious attitude:
- Confirm the basic facts: Consider the existence and basic structure of the US$24/7 settlement partnership established by Payward and SGB as an established fact.
- Suspicious data not cited: Do not cite monthly transaction volume data of US$2 billion or US$20 billion provided by either party until the Central Bank of Bahrain register or the SGB's own audited disclosures have been verified, nor do you accept the description of any bank license as corroborating facts.
Updates
2026 年 10 月 5 日 06:09 UTC（由 CoinGape 添加）：
Crypto News Flash 补充指出，此次推广最初从美元开始，面向符合条件的亚洲及海湾司法管辖区的精选客户，未来还将增加其他货币。该报道将 SGB Net 的月度法币处理能力定位在 200 亿美元以上，这进一步加剧了 CryptoBriefing 与 crypto.news 之间关于交易量数据的争议。此外，该报道将该架构描述为重新激活曾与 SEN 和 Signet 相关的结算能力。CoinGape 还补充称，新加坡海湾银行正在单独为 Kraken Prime 引入额外的数字资产流动性。
