Payward, the parent of crypto exchange Kraken, has partnered with Singapore Gulf Bank (SGB) to give select institutional clients in Asia and the Gulf region 24/7 US dollar settlement, according to a Monday press release.

The deal centers on SGB Net, the Bahrain-regulated bank's real-time clearing network, which Payward has now integrated. Institutional clients using the service can move dollars around the clock, a structural break from the T+2 confines of the correspondent banking system. The two firms plan to broaden access to more clients and additional currencies over time.

What does SGB get in return?

The arrangement is two-sided. SGB will plug into Kraken Prime, Payward's institutional prime brokerage, for digital asset liquidity, and will route customer-trade pricing through Payward's markets over the coming months. The bank therefore gains a crypto-native counterparty and a price feed, while Payward inherits a regulated clearing rail in a region where cross-border dollar payments are still slowed by cut-off windows.

Bahrain has positioned itself as a regional hub for digital asset finance, with the Central Bank of Bahrain overseeing a licensing regime that has attracted firms including Binance, crypto custodian Vaultody and several stablecoin issuers. SGB's licensing footprint gives Payward an on-the-ground settlement counterparty without needing to secure its own banking licence in the Gulf.

How does this fit the broader race to 24/7 settlement?

The Payward–SGB tie-up lands in a wider push by banks and fintechs to collapse settlement into real time. A consortium that includes JPMorgan Chase, Bank of America and Barclays is preparing a tokenized deposit network operated by The Clearing House, with a launch targeted for the first half of 2027. In Japan, Circle and Nomura have reportedly partnered to deliver instant foreign-exchange settlement for corporates from 2027. The Bank of Korea on Sept. 21 unveiled a pilot allowing foreign investors to settle won transactions outside standard banking hours.

Those initiatives share a common premise: that legacy ACH, SWIFT and RTGS windows are a binding constraint on tokenized assets, stablecoin treasury operations and around-the-clock trading.

What is the business logic for Payward?

For Payward, the move reduces friction for the hedge funds, market makers and prop trading firms that route volume through Kraken Prime. Instant dollar settlement removes a key operational bottleneck — the need to pre-fund accounts or wait for same-day wires before trading — and lowers the credit risk that arises when funds sit in transit.

The capital backdrop for the expansion is significant. Nasdaq disclosed a $100 million investment in Payward at a $21 billion valuation, per an earlier report, underscoring Wall Street's continued interest in regulated crypto infrastructure even as tokenization projects remain in pilot phase.

What should clients expect next?

The press release indicates a phased rollout: a defined institutional cohort in Asia and the Gulf will settle dollars through SGB Net immediately, with broader client access and additional currencies to follow. SGB's adoption of Kraken Prime for liquidity and Payward's markets for pricing is slated for the coming months, suggesting the full bilateral architecture will be live before year-end. If the deployment proceeds as described, the integration will give Payward a regulated, real-time dollar rail in a region where most institutional crypto flows still depend on US-based correspondent banks.