Payward partners with Singapore Gulf Bank for 24/7 settlement services
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Payward, Kraken’s parent, connected to Singapore Gulf Bank’s SGB Net to give select institutional clients 24/7 U.S. dollar settlement. The rollout starts in parts of Asia and the Gulf, with one version of the service described as limited to eligible jurisdictions and another saying more currencies are planned. SGB Net is also described as processing more than $20 billion in fiat transactions each month.
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What it means
Institutions in parts of Asia and the Gulf are the immediate group that will notice this service, because select clients can use the SGB Net connection for around-the-clock U.S. dollar settlement. That affects customers that need dollar transfers outside normal banking hours and does not extend to all clients in the materials provided.
Before this rollout, the service described here was not presented as running 24/7 for these institutions, while the new setup is framed as allowing continuous dollar settlement through the bank network. What stays unchanged in the text is that the offering is limited to select institutional users and starts with U.S. dollars rather than every currency.
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