On October 5th, Kraken’s parent company Payward announced a strategic partnership with Singapore Gulf Bank (SGB), a licensed digital bank fully regulated by the Central Bank of Bahrain. This alliance enables institutions based in Asia and the Gulf to settle in US dollars around-the-clock, eliminating the wait tied to traditional banking hours. SGB Net currently handles over 20 billion dollars in fiat transactions per month, providing operating scale for real-time processing capabilities. This partnership aligns with Payward’s strategy to build a banking network rather than a single channel, following a previous agreement with SoFi in September for 24/7 USD transfers.
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