Singapore Gulf Bank Brings Round-the-Clock USD Settlement to Kraken's Parent Firm
Through an integration with SGB Net, the collaboration provides institutional clients across Asian and Gulf markets with immediate US dollar transaction settlement capabilities
A new collaboration between Payward, the parent organization behind Kraken, and Singapore Gulf Bank (SGB) will provide around-the-clock US dollar settlement capabilities for selected institutional customers operating in Asian and Gulf markets.
Through the integration of SGB Net, which serves as the Bahrain-regulated financial institution's real-time clearing infrastructure, Payward now enables these institutional clients to complete transactions with immediate settlement. According to a press release issued on Monday, both organizations have outlined plans to broaden the offering to additional clients and introduce support for additional currencies in the future.
Additionally, the banking institution will gain access to digital asset liquidity via Payward's institutional brokerage platform, Kraken Prime, and will leverage Payward's market infrastructure for pricing trades executed by its customers in the months ahead.
Financial institutions and banking organizations are building comparable infrastructure solutions designed to accelerate settlement processes and make them available beyond traditional business operating hours. A collaborative group that includes JPMorgan Chase, Bank of America and Barclays has announced intentions to introduce a tokenized deposit network managed by The Clearing House during the first half of 2027, which will facilitate round-the-clock settlement. In Japan, Circle and Nomura have reportedly formed a partnership to provide businesses with instant foreign exchange settlement capabilities beginning in 2027.
On Sept. 21, the Bank of Korea announced a pilot project designed to allow foreign investors to settle won transactions outside of standard banking hours.