Payward, the parent company of cryptocurrency exchange Kraken, has partnered with Singapore Gulf Bank (SGB) to offer 24/7 US dollar settlement for select institutional clients in Asia and the Gulf region. According to a press release issued on Monday, the integration of SGB Net—the Bahrain-regulated bank’s real-time clearing network—allows eligible clients to settle transactions instantly.
The companies intend to roll out the service to a broader range of clients and additional currencies in the future. In addition to settlement capabilities, SGB will utilize Payward’s prime brokerage service, Kraken Prime, to access digital asset liquidity. The bank also plans to leverage Payward’s markets to price customer trades in the coming months.
Financial institutions globally are increasingly developing round-the-clock settlement systems to bypass traditional business-hour limitations. A consortium comprising JPMorgan Chase, Bank of America, and Barclays is scheduled to launch a tokenized deposit network operated by The Clearing House in the first half of 2027 to facilitate 24/7 settlement. Similarly, Circle and Nomura reportedly partnered to introduce instant foreign exchange settlement for companies by 2027, and the Bank of Korea launched a pilot project on Sept. 21 enabling foreign investors to settle won transactions outside regular banking hours.
