Kraken and Singapore Gulf Bank launch real-time settlement for institutional clients

Payward, the parent company of global cryptocurrency exchange Kraken, has entered a new partnership with Singapore Gulf Bank (SGB) that connects its institutional clients to SGB Net, a real-time, round-the-clock settlement system developed by the bank. This initiative is aimed at bridging the operational gap between cryptocurrency markets, which function continuously, and conventional banking systems that operate only during standard business hours.

24/7 Settlement Integration Targets Institutional Needs

Announced on October 5, the collaboration enables Payward to offer select institutional clients instant US dollar settlements via SGB Net, eliminating delays associated with traditional bank cut-off times. Currently, the rollout is limited to a small group of qualified clients, with further expansion and additional currency support planned in future phases.

In exchange for this access to the fiat settlement network, Singapore Gulf Bank will connect to Kraken Prime, Kraken’s institutional trading platform, to tap new channels for digital asset liquidity. The partnership builds on both parties’ technological strengths, combining Payward’s digital asset infrastructure with SGB’s real-time payments platform.

SGB stated that eligible clients can process transaction settlements instantly, regardless of the time or day, streamlining US dollar flows for institutional participants in digital asset markets.

Singapore Gulf Bank, licensed and regulated by the Central Bank of Bahrain, is financially backed by Bahrain’s Mumtalakat and Singapore’s Whampoa Group, providing a secure foundation for its operations.

SGB Net processes over $20 billion in monthly fiat transactions, supporting financial institutions and enterprises operating across multiple jurisdictions. The bank launched this multi-currency clearing platform in 2025 to facilitate seamless financial flows for its clients active in global markets.

This partnership is not SGB’s first foray into the crypto ecosystem. In March, the bank integrated with LTP, a digital asset prime broker, to provide uninterrupted fiat-to-digital asset fund flows. SGB recently signed another agreement with Rain, a Bahrain-regulated exchange, to support client banking and virtual account services.

These developments reinforce SGB’s strategy to serve as a key banking bridge for crypto-related businesses in need of an integrated fiat network.

Mini dictionary: SGB Net – A 24/7 real-time, multi-currency clearing platform launched by Singapore Gulf Bank in 2025 to enable instantaneous institutional payments and settlements for financial entities in multiple markets.

Expanding Cross-Regional Banking Connections

Kraken’s recent collaboration with SGB is part of a broader effort by Payward to diversify its institutional banking network across international markets. Earlier in September, Payward revealed a similar partnership with SoFi, using the SoFi Exchange Network to achieve 24/7 US dollar settlements for eligible Kraken institutional clients. Through that arrangement, SoFi receives additional digital asset liquidity via Kraken Prime.

While the SoFi alliance strengthens Payward’s presence in the US banking sector, the SGB agreement enables access to settlement services for institutions in the Gulf and Asia. Creating multiple banking connections allows digital asset firms to balance fiat flows between different geographic markets, reducing reliance on any single region’s banking infrastructure.

Institutions saw the need for non-stop settlement after the closure of key crypto-supporting banks in the US during 2023, including Silvergate Bank’s SEN platform and Signature Bank’s Signet platform, both of which had previously provided round-the-clock transaction capabilities for digital asset markets.

Both Silvergate and Signature ceased operations in 2023, leaving a gap in instant fiat settlement services for crypto businesses. The Kraken-SGB partnership does not directly replace SEN or Signet but demonstrates how the industry is building new cross-border banking connections to support the growth of digital assets markets, particularly outside the US.

At launch, settlements will be limited to US dollars, but both companies have plans to support additional currencies and expand access to more institutional users. The initiative is positioned to enhance Payward’s fiat channels while providing SGB with increased exposure to digital asset clients across the Gulf and Asia regions.