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Kraken parent Payward has connected to Singapore Gulf Bank’s SGB Net clearing network, enabling selected institutional clients in eligible jurisdictions across Asia and the Gulf to fund Payward accounts in US dollars around the clock. Participating clients can deposit cash and use it immediately. The companies described the initial dollar settlement offering in a release dated Oct. 5.
Why it matters
The connection is a live funding service, not a full regional rollout. Access is limited to selected clients in eligible jurisdictions, and the companies have not named those clients or specified eligible countries. Payward and SGB plan to add clients and currencies over time, but gave no timetable for that expansion.
SGB’s customer trading plans are separate from the operating settlement link. The bank intends to use Payward markets to price digital-asset trades for its own customers over the coming months, without specifying a start date. SGB launched SGB Net on May 1, 2025; Payward’s connection adds an institutional funding route to that existing network.
Market impact
For institutions included in the initial offering, 24/7 dollar settlement can make it easier to move cash into Payward when needed for digital-asset activity, rather than relying on narrower banking hours. The service’s reach remains constrained by its initial client and jurisdiction limits.
The next developments to watch are the start of SGB’s customer-pricing service and any expansion in settlement clients or currencies. The funding connection is already operating for some institutions, while the trading use is still planned.
Frequently asked questions
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Who can use Payward’s new 24/7 dollar funding connection?
Selected institutional clients in eligible jurisdictions across Asia and the Gulf can use the connection. The companies have not named clients or listed eligible countries.
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What does the SGB Net connection let participating clients do?
Clients can fund Payward accounts in US dollars at any hour and use deposited cash immediately for digital-asset activity.
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Is SGB’s customer digital-asset trading service already live?
No. SGB plans to use Payward markets to price digital-asset trades for its customers over the coming months, but did not provide a specific start date.
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Will the settlement service expand beyond its initial clients and dollars?
The companies intend to add clients and currencies over time, but have not given an expansion timetable.
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When did Singapore Gulf Bank launch SGB Net?
Singapore Gulf Bank announced SGB Net’s launch on May 1, 2025. Payward is now connecting to that existing clearing network.
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