TLDR
- Kraken’s parent company, Payward, announced a partnership with Singapore Gulf Bank on October 5.
- Institutions in Asia and the Gulf can now settle in U.S. dollars around the clock, including weekends.
- Singapore Gulf Bank’s SGB Net network handles more than $20 billion in fiat transactions each month.
- The deal connects Singapore Gulf Bank with Kraken Prime, adding digital asset liquidity to its banking services.
- The agreement follows a September partnership with SoFi that opened 24/7 U.S. dollar transfers.
Kraken’s parent company, Payward, has signed a partnership with Singapore Gulf Bank. The deal aims to let institutional clients move U.S. dollars at any hour of the day.
The two companies announced the agreement on October 5. Singapore Gulf Bank is a licensed digital bank that is fully regulated by the Central Bank of Bahrain.
The partnership targets a gap between crypto markets and traditional banks. Crypto trading runs 24 hours a day, seven days a week, while most banks only process transfers during business hours.
How the New Settlement Service Works
Under the deal, Singapore Gulf Bank’s payment network, called SGB Net, is being integrated into Payward’s services. Institutions based in Asia and the Gulf region will be able to settle in U.S. dollars around the clock.
This means clients no longer need to wait for the next banking window to move funds. Transfers can now happen after bank hours and on weekends.
SGB Net currently handles more than $20 billion in fiat transactions each month. That volume gives the network the scale to support real-time processing.
The partnership also connects Singapore Gulf Bank with Kraken Prime. This allows the bank to add digital asset liquidity to its existing banking relationships.
Mark Greenberg, chief commercial officer at Payward, said the deal addresses a key mismatch between banking hours and 24/7 digital asset markets. He pointed to continuous settlement as important for institutional investors.
Singapore Gulf Bank CEO Shawn Chan said liquidity only has value if clients can withdraw funds when they need them. His comments focused on two goals: fast settlement and access to deep liquidity.
Payward Builds Out Its Banking Network
The Singapore Gulf Bank deal is not Payward’s first banking agreement this year. In September, the company partnered with SoFi to open a route for 24/7 U.S. dollar transfers through the SoFi Exchange Network.
The new agreement extends that model into Asia and the Gulf. Both deals pair banking access with Kraken Prime, linking money movement with market trading.
The two deals show Payward building a network of banks rather than relying on a single channel. More regulated banks could join the platform over time.
Growth will depend on how much clients actually use the service. Payward’s next task is turning its banking connections into steady institutional activity.
For now, the new service is limited in scope. It is focused on U.S. dollar settlement for a small number of clients.
The service could expand later. If Kraken Prime adds other currencies and takes on more clients, institutional investors may find it easier to move capital between fiat and digital assets.
