Kraken parent Payward plugs into Singapore Gulf Bank network for 24/7 USD settlement
In brief
- Kraken parent Payward integrated Singapore Gulf Bank's real-time clearing network for institutional crypto settlement.
- U.S. dollar transactions come first, for select clients in eligible Asian and Gulf jurisdictions.
- SGB Net processes more than $20 billion in fiat monthly, according to Singapore Gulf Bank.
- Client numbers and transaction volumes for the initial rollout weren't disclosed.
Cash that doesn't keep bank hours
The problem is simple. Crypto assets trade all weekend and around the clock, but the cash that funds those trades often remains stuck behind bank cut-off times and multi-day settlement. Mark Greenberg, Payward's chief commercial officer, said the deal targets that fundamental issue in crypto markets.
“Exchanges, payment providers, OTC desks and fintechs all run into the same banking constraint: settlement stops when the business day does, while their markets do not,” Greenberg added.
The integration is designed to let clients fund trading even on a non-banking day. Through SGB Net, clients can deposit funds with Payward and use them immediately (no waiting for Monday morning to clear).
What each side gets
For Singapore Gulf Bank, connecting settlement with Kraken Prime's liquidity means institutional clients can move cash and trade without waiting for the next banking day. SGB Net launched in 2025 and processes more than $20 billion in fiat transactions each month, according to the bank.
Payward, for its part, is expanding beyond Kraken's exchange business into the infrastructure that connects trading, custody, payments and banking. It's a bigger ambition than running an order book. The announcement also follows an unconfirmed report the previous week that BNY was in discussions with Payward over a potential tie-up spanning digital assets, custody, trading and payments.
What wasn't disclosed
The firms didn't say how many clients are in the initial rollout, or what transaction volumes are involved.
Payward and SGB said they plan to add clients and currencies over time. For now, it's a narrow start (U.S. dollars only, a select group of clients, eligible jurisdictions in Asia and the Gulf), but it's aimed squarely at the gap between markets that never close and the banks that fund them, which still do.
Frequently asked questions
What problem does the Payward and Singapore Gulf Bank integration address?
Crypto assets trade around the clock, but the cash funding those trades often remains subject to bank cut-off times and multi-day settlement. The integration is designed to let institutional clients fund trading even on non-banking days.
Who can use the new 24/7 settlement service?
The service begins with U.S. dollar transactions for a select group of institutional clients in eligible Asian and Gulf region jurisdictions. Payward and Singapore Gulf Bank said they plan to add clients and currencies over time.
What is SGB Net?
SGB Net is Singapore Gulf Bank's real-time clearing network. It launched in 2025 and processes more than $20 billion in fiat transactions each month, according to the bank, and lets clients deposit funds with Payward and use them immediately.
