Kraken parent Payward joins Singapore Gulf Bank's SGB Net for 24/7 dollar funding
In brief
- Payward, Kraken's parent, connected to Singapore Gulf Bank's SGB Net clearing network, per an Oct. 5 release.
- Selected institutional clients in Asia and the Gulf get 24/7 US-dollar funding.
- SGB plans to price customer digital asset trades using Payward markets over the coming months.
- Clients, eligible countries and a rollout expansion date weren't named in the release.
What the dollar rail does
The connection is available 24 hours a day, seven days a week, according to the companies' release as reported by CryptoSlate. Through SGB Net, participating SGB clients can fund their Payward accounts at any hour, the companies said. Cash deposited with Payward can be put to work immediately (in eligible jurisdictions only).
The companies described it as an initial dollar settlement offering. Singapore Gulf Bank announced the launch of SGB Net on May 1, 2025.
Pricing plans and Kraken Prime
SGB also plans to use Payward markets to price digital asset trades for its own customers over the coming months. It's a plan, not a live product. The announcement didn't give a specific start date for the customer-pricing service, only that broad horizon.
Separately, SGB is partnering with Payward's Kraken Prime for digital asset liquidity, so the bank's relationship with the Kraken side of the business covers both dollar funding and crypto pricing.
What the release leaves out
The release didn't name a single participating client.
It didn't list eligible countries either. Which jurisdictions qualify? The companies haven't said. The rollout announced so far is confined to the initial clients and US dollars, and while Payward and SGB said they intend to add more clients and currencies over time, they gave no exact expansion date.
That leaves two different timelines on the table. Customer pricing has a stated horizon of the coming months, while the wider funding rollout remains undated.
Frequently asked questions
What did Payward's connection to SGB Net change for institutional clients?
Kraken's parent Payward connected to Singapore Gulf Bank's SGB Net clearing network, opening round-the-clock US-dollar funding for selected institutional clients in Asia and the Gulf. Participating SGB clients can fund Payward accounts at any hour, and clients in eligible jurisdictions can use deposited cash immediately, the companies said.
When will SGB start pricing customer crypto trades with Payward markets?
SGB plans to use Payward markets to price digital asset trades for its own customers over the coming months. The announcement gave no specific start date for the customer-pricing service.
Which countries and currencies are covered by the Payward and SGB rollout?
The releases didn't list eligible countries or name participating clients. The rollout announced so far covers only the initial clients and US dollars. The companies said they intend to add more clients and currencies over time but gave no exact expansion date.
