Payward, the parent company of cryptocurrency exchange Kraken, has entered into a partnership with Singapore Gulf Bank to launch a dedicated platform for institutional digital asset settlement operating around the clock CoinDesk.
The service, announced October 5, will initially target select institutional clients based in Asia and the Gulf region, providing continuous U.S. dollar settlement capabilities that operate outside traditional banking hours CoinTelegraph.
According to CoinTelegraph, the partnership enables participating institutions to settle US dollar transactions instantly through Singapore Gulf Bank's proprietary SGB Net infrastructure. This addresses a persistent operational challenge in digital asset markets, where cryptocurrency trading occurs continuously while traditional fiat settlement remains constrained by banking hours and correspondent banking delays.
The geographic focus on Asia and the Gulf reflects growing institutional demand for crypto services in these regions, coupled with Singapore Gulf Bank's positioning as a bridge between Middle Eastern and Asian financial markets. The bank's digital infrastructure appears designed to accommodate the time-zone spanning nature of cryptocurrency trading, which requires settlement mechanisms that function regardless of whether New York, London, or Tokyo markets are open.
For Payward and its Kraken exchange operations, the partnership represents an expansion of institutional service offerings beyond standard trading and custody. Settlement infrastructure has become an increasingly competitive domain among major exchanges seeking to attract hedge funds, family offices, and other professional trading entities that require efficient capital deployment and risk management.
The phased rollout to "select" institutional clients suggests a controlled launch approach, potentially allowing both firms to validate operational parameters before broader availability. This methodology aligns with regulatory caution common in cross-border financial technology deployments, particularly when involving multiple jurisdictions across Asia and Gulf Cooperation Council member states.
Singapore Gulf Bank's involvement signals continued convergence between conventional banking institutions and cryptocurrency market infrastructure. The bank's provision of 24/7 dollar settlement through its SGB Net platform indicates development of internal capabilities specifically designed to accommodate digital asset market structure rather than merely adapting existing correspondent banking relationships.
The announcement comes as institutional cryptocurrency infrastructure continues maturing beyond basic trading access toward comprehensive treasury and operational services that mirror traditional finance capabilities while preserving crypto-native characteristics such as continuous market operation.