Payward, the parent company of cryptocurrency exchange Kraken, has connected to Singapore Gulf Bank's SGB Net clearing network. The connection enables selected institutional clients in eligible jurisdictions across Asia and the Gulf to access US-dollar funding 24 hours a day, seven days a week for digital asset trading.
Through the SGB Net connection, participating institutional clients can deposit cash with Payward and deploy it immediately. The dollar settlement service operates continuously, providing greater flexibility for institutions to move funds for digital asset activity at any time.
The partnership, announced on October 5, includes two components. The initial offering focuses on dollar settlement through SGB Net for participating clients. Additionally, Singapore Gulf Bank plans to use Payward markets to price digital asset trades for its own customers over the coming months, integrating a separate trading component into the partnership.
The companies have not disclosed the specific institutions participating in the initial offering or named eligible countries. The regional focus encompasses Asia and the Gulf, with participation limited to eligible jurisdictions.
Both companies intend to expand the service over time. Planned expansions include adding more clients and introducing additional currencies beyond the initial US-dollar scope. However, no specific dates have been provided for these expansions.
Singapore Gulf Bank launched its SGB Net network on May 1, 2025. Payward's connection to the existing system adds a new funding route for institutional clients included in the initial offering.
