Kraken parent links to SGB Net for 24/7 USD settlements

Payward, the parent company of Kraken, connected to Singapore Gulf Bank’s SGB Net clearing network, according to a joint announcement dated Oct. 5. The link enables selected institutional clients in eligible Asia and Gulf jurisdictions to move US dollars into Payward trading accounts at any hour.

The initial offering provides dollar settlement through SGB Net so eligible SGB customers can fund Payward accounts and use the funds immediately. The live settlement link is operational for some institutions and currently covers institutional dollar transfers only.

A customer-facing trading and pricing feature is planned to follow in the coming months. When that function is activated, SGB intends to use market pricing from Payward to price digital-asset trades for its customers.

The rollout is limited in scope. The announcement did not list the institutions eligible for the service or specify the jurisdictions that qualify. The initial service supports US-dollar transfers; the firms said they intend to add more clients and currencies over time but did not provide firm start dates.

SGB Net opened on May 1, 2025, and Payward’s connection creates a funding route into that clearing network. Payward is working with Kraken Prime to provide digital-asset liquidity, and SGB plans to draw on Payward markets when it begins pricing trades for retail or institutional customers through the customer-facing feature.

The connection removes the need for participating institutions to wait for traditional banking windows to move fiat into crypto trading accounts. The next developments to watch are the activation date for the customer pricing feature and any announcements naming additional eligible institutions or adding currencies beyond the US dollar.