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Payward and Singapore Gulf Bank partner for 24/7 digital asset settlement
Payward, the infrastructure provider for Kraken, has partnered with Singapore Gulf Bank (SGB) to enable 24/7 instant settlement for institutional digital asset markets. The partnership integrates SGB Net, a real-time multi-currency clearing network, into Payward’s systems to allow clients in Asia and the Gulf region to settle transactions outside of traditional banking hours.
The service will initially focus on US dollar transactions for a select group of institutional clients, with plans to expand to additional currencies and a broader client base in the future. To support these operations, SGB will utilize Kraken Prime, Payward’s institutional prime brokerage solution, to access digital asset liquidity.
Singapore Gulf Bank is a digital bank regulated by the Central Bank of Bahrain and is backed by Bahrain’s sovereign wealth fund, Mumtalakat, and Singapore’s Whampoa Group. Its clearing network, SGB Net, has reportedly processed over $20 billion in monthly fiat transaction volume.
Entities
Central Bank of Bahrain · Kraken · Mumtalakat · Payward · Singapore Gulf Bank
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Payward and Singapore Gulf Bank have entered a strategic partnership to provide 24/7 settlement for institutional digital asset markets. bizrapidx.com · businessnewsthisweek.com · cryptobriefing.com
- [● 2 SOURCES] The SGB Net clearing network has processed more than $20 billion in fiat transactions monthly. bizrapidx.com · businessnewsthisweek.com
- [● 3 SOURCES] Singapore Gulf Bank is a licensed digital bank regulated by the Central Bank of Bahrain. bizrapidx.com · businessnewsthisweek.com · cryptobriefing.com
- [● 3 SOURCES] SGB will use Kraken Prime, Payward’s prime brokerage solution, to access digital asset liquidity. bizrapidx.com · businessnewsthisweek.com · cryptobriefing.com
- [● 3 SOURCES] Payward has integrated SGB Net, a real-time multi-currency clearing network, into its infrastructure. bizrapidx.com · businessnewsthisweek.com · cryptobriefing.com
- [● 3 SOURCES] The settlement service will initially support US dollar transactions for a select group of clients. bizrapidx.com · businessnewsthisweek.com · cryptobriefing.com