Payward and Singapore Gulf Bank Launch 24/7 US Dollar Settlement
- Payward, the parent company of Kraken, has partnered with Singapore Gulf Bank (SGB) to provide continuous US dollar settlement for select institutional clients in Asia and the Gulf region.
- The integration of SGB Net, a real-time clearing network regulated in Bahrain, allows for instant transaction settlements.
- Plans are in place to expand this service to additional clients and currencies over time.
- SGB will utilize Payward’s prime brokerage service, Kraken Prime, for digital asset liquidity and trade pricing.
- A consortium including major banks like JPMorgan Chase and Bank of America aims to launch a tokenized deposit network for round-the-clock settlements by mid-2027.
This partnership reflects a growing trend among banks and financial institutions to enhance transaction speed and availability beyond traditional banking hours. Similar initiatives are being explored globally, including projects in Japan and South Korea aimed at facilitating instant settlements.
The collaboration between Payward and SGB marks a significant step towards enabling continuous settlement services, with plans to expand offerings as demand increases. (Source)
