Kraken parent joins Singapore Gulf Bank, opening 24/7 institutional dollar rails

Payward, the parent company of cryptocurrency exchange Kraken, has integrated with Singapore Gulf Bank’s (SGB) SGB Net clearing network to provide round-the-clock US-dollar funding capabilities for select institutional clients across Asia and the Gulf.

According to the firms, eligible participating clients can deposit funds directly with Payward and utilize them instantly.

In a joint announcement released on Oct. 5, the companies outlined this initial dollar settlement service. Furthermore, SGB intends to leverage Payward’s markets over the coming months to price digital asset trades for its own customer base, combining a live funding solution with an upcoming trading functionality.

Via SGB Net, qualifying SGB clients can top up their Payward accounts at any time. This dollar gateway operates 24 hours a day, seven days a week, offering institutions enhanced flexibility regarding the timing of cash transfers for digital-asset operations.

Because the public releases omit the names of participating clients and specific eligible countries, institutions outside this initial group do not have access to a country-by-country availability breakdown. While the regional focus is designated as Asia and the Gulf, jurisdictional limits govern where the service remains accessible.

The organizations plan to incorporate additional clients and fiat currencies in the future, though no precise timeline for this expansion has been provided.

Presently, the integration is active for a subset of institutions, with the current rollout restricted strictly to initial clients and US dollars. Future expansion initiatives involve scaling both the user base and the variety of supported currencies.

Incorporating new clients will broaden institutional access, whereas introducing more currencies will extend the utility of the network beyond the initial US-dollar parameters.

Singapore Gulf Bank originally launched the network on May 1, 2025. Payward’s integration into this pre-existing infrastructure establishes a new funding avenue for the institutions included in the initial launch phase.

SGB expands partnership with Kraken

Additionally, SGB is teaming up with Kraken Prime, a division of Payward, to secure digital asset liquidity. Over the coming months, the bank plans to utilize Payward’s markets to price trades for its clientele. While the announcement outlines this general timeframe, it does not specify an exact launch date for the customer-pricing service.

The active network link enables participating institutions to transfer US dollars into Payward and deploy capital without delay. Meanwhile, the upcoming pricing component involves SGB sourcing liquidity to support digital asset trading services provided to its retail or institutional customers.

Key milestones to monitor include the rollout of SGB’s customer-pricing feature alongside the onboarding of new settlement clients and alternative currencies. The pricing integration carries an expected horizon of the next few months, whereas the broader funding expansion remains without a fixed schedule.

?Frequently Asked Questions

01What is SGB Net?

SGB Net is a clearing network launched by Singapore Gulf Bank on May 1, 2025, which now features round-the-clock US-dollar funding capabilities through an integration with Kraken’s parent company, Payward.

02Who can use the new 24/7 dollar funding rails?

The initial offering is restricted to selected institutional clients located in eligible jurisdictions across Asia and the Gulf. Specific country lists and client names have not been publicly disclosed.

03Will more currencies and clients be added?

Yes, the companies intend to expand the service to include additional clients and currencies over time, though exact dates for these expansions have not been announced.

04What is Kraken Prime’s role in the partnership?

SGB is partnering with Kraken Prime for digital asset liquidity, planning to use Payward’s markets to price digital asset trades for its own customers in the coming months.