Payward, the parent company of the Kraken exchange, has entered into a partnership with Singapore Gulf Bank to facilitate round-the-clock US dollar settlements. The service utilizes the SGB Net clearing network, which is regulated in Bahrain, to provide instant transaction processing for institutional clients located in Asia and the Gulf region.
The collaboration also involves integrating Kraken Prime, the prime brokerage arm of Payward, to provide the bank with access to digital asset liquidity. Singapore Gulf Bank intends to leverage Payward’s markets for pricing customer trades in the near future. Both companies have announced plans to broaden the scope of this service to include additional clients and currencies.
The financial industry is increasingly adopting 24/7 settlement solutions. A consortium featuring JPMorgan Chase, Bank of America, and Barclays is preparing a tokenized deposit network for launch in the first half of 2027. Additionally, Circle and Nomura are reportedly working on an instant foreign exchange settlement service for Japan, while the Bank of Korea launched a pilot project for won transactions in September.
