Kraken's parent company, Payward, has connected to Singapore Gulf Bank's SGB Net clearing network, opening round-the-clock US-dollar funding for selected institutional clients in Asia and the Gulf.
Related Company Kraken San Francisco based digital asset exchange
The companies say participating clients in eligible jurisdictions can deposit cash with Payward and use it immediately.
In their release dated Oct. 5, the companies describe an initial dollar settlement offering. SGB also plans to use Payward markets to price digital asset trades for its own customers over the coming months, giving the partnership a live funding service and a separate planned trading component.
Through SGB Net, participating SGB clients can fund Payward accounts at any hour, the companies say. The dollar connection is available 24 hours a day, seven days a week. Its immediate practical benefit is greater flexibility over when those institutions move cash for digital-asset activity.
The releases do not name participating clients or list eligible countries, so they do not provide an institution outside that group with a country-by-country guide to availability. The reference to Asia and the Gulf describes the regional focus, while the jurisdiction restrictions limit where the service can be used.
The companies intend to add more clients and currencies over time, but give no exact expansion date.
Although the connection is operating for some institutions, the rollout announced so far is confined to the initial clients and dollars. The expansion plans concern both who can use the connection and which money it can move.
Adding clients would extend participation, while adding currencies would expand the service beyond its initial US-dollar scope.
SGB Net now settles Paywards institutional dollar transfers, while customer trading remains planned.
Singapore Gulf Bank announced the network's launch on May 1, 2025, and Payward is now connecting to that existing system, adding a funding route for the institutions included in the initial offering.
SGB expands partnership with Kraken
SGB is also partnering with Payward's Kraken Prime for digital asset liquidity. The bank plans to draw on Payward markets to price its customers' trades over the coming months. The announcement supplies that broad horizon but no specific date for starting the customer-pricing service.
The live connection lets participating institutions move their dollars into Payward and deploy them immediately. The planned pricing use concerns SGB sourcing liquidity for digital asset trades offered to its own customers.
The next developments to watch are the start of SGB's customer-pricing use and the addition of settlement clients and currencies. Pricing has a stated horizon of the coming months, while the wider funding rollout remains undated.