Payward integrates Singapore Gulf Bank's SGB Net for 24/7 dollar settlement
Payward connected Singapore Gulf Bank's SGB Net to settle US dollar digital-asset trades around the clock for selected institutional clients in Asia and the Gulf.
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Why it matters
The integration removes bank cut-off times as a limit on institutional crypto settlement for an initial group of clients, and it makes Payward's infrastructure a liquidity and pricing dependency for a regulated wholesale bank. Both the BNY and Wells Fargo discussions, if they close, would extend that role to two of the largest US financial institutions, but neither is confirmed.
Key facts
The initial rollout covers US dollars and a limited group of institutional clients in eligible Asian and Gulf jurisdictions, with more clients and currencies planned.
Reported by Crypto.News
Singapore Gulf Bank will use Kraken Prime as a source of digital-asset liquidity and plans to use Payward's markets to price trades for its own customers in the coming months.
Reported by Crypto.News
SGB Net processes more than $20 billion in fiat transactions per month.
20,000,000,000 USDReported by Crypto.News
Payward chief commercial officer Mark Greenberg said the partnership addresses crypto trading running around the clock while the cash funding those trades stays subject to bank cut-off times and multi-day settlement.
Reported by CoinDesk
Payward announced the partnership on Oct. 5, and CoinDesk reported Payward made the announcement on Sunday.
Reported by Crypto.News
BNY and Payward are in talks over a partnership that could span crypto products, custody, wealth management, trading, payments and infrastructure, according to two people familiar with the matter.
Reported by CoinDesk
Wells Fargo is in talks with Payward to supply liquidity for crypto trading, according to two people with direct knowledge of the matter.
Reported by CoinDesk
What happened
Payward, the Wyoming-based parent of crypto exchange Kraken, integrated Singapore Gulf Bank's real-time clearing network, SGB Net, so selected institutional clients in eligible Asian and Gulf jurisdictions can settle qualifying digital-asset transactions and fund trading outside normal banking hours. CoinDesk reported the announcement on Oct. 5 as coming from Payward on Sunday, and the initial rollout covers US dollars for a limited group of clients, with more clients and currencies planned. The bank also gets access to digital-asset liquidity through Payward's prime brokerage arm, Kraken Prime, and intends to use Payward's markets to price trades for its own customers over the coming months. Crypto News Flash put SGB Net's throughput at more than $20 billion in fiat per month, and both Crypto.News and Crypto News Flash described SGB as licensed and regulated by the Central Bank of Bahrain, with Crypto News Flash adding that the bank is backed by Bahrain's Mumtalakat and Singapore's Whampoa Group. Payward chief commercial officer Mark Greenberg said the deal targets the gap between nonstop crypto trading and bank cut-off times. Two separate sets of talks remain open and unconfirmed: CoinDesk reported on Oct. 2 that BNY is in talks with Payward over digital assets, custody, wealth management, trading, payments and infrastructure, and on Oct. 7 reported that Wells Fargo is in talks with Payward over supplying crypto trading liquidity, with Wells Fargo having previously advised Nasdaq on its $100 million Payward investment at a reported $21 billion valuation. Neither Payward nor BNY, and neither Payward nor Wells Fargo, commented, and in both cases CoinDesk said talks might not produce a deal.
How the story developed
- First report
First report by CoinDesk
BNY in talks with Kraken parent Payward over infrastructure partnership
- Update
CoinDesk reported BNY-Payward infrastructure talks
Custody banking giant BNY is in talks with Payward over a partnership spanning crypto products, custody, wealth management, trading, payments and infrastructure, according to two people familiar with the matter. Both companies declined to comment and no deal is guaranteed.
- Independent corroboration
Independently corroborated by Crypto.News
Kraken parent Payward explores crypto and payments partnership with BNY
- Official statement
Payward announced the SGB Net integration
Payward said selected institutional clients in Asia and the Gulf can settle US dollar digital-asset transactions through SGB Net at any hour, and that Singapore Gulf Bank will draw on Kraken Prime liquidity.
- Official statement
Official statement from Bitcoin.com News
Webull Becomes X Cashtag Partner for Crypto and Stock Trading
- Update
CoinDesk reported Payward had announced the deal on Sunday
CoinDesk attributed the announcement to Payward on Sunday, placing the official statement on Oct. 4 rather than Oct. 5.
- Update
CoinDesk reported Wells Fargo-Payward liquidity talks
Two people with direct knowledge said Payward would supply crypto trading liquidity to Wells Fargo. Wells Fargo had advised Nasdaq on its $100 million investment in Payward at a reported $21 billion valuation. Both parties declined to comment.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 2 Oct 2026, 17:34 UTC: CoinDesk — 1 independent source, 1 reports
- 2 Oct 2026, 18:15 UTC: Crypto.News — 2 independent sources, 2 reports
- 5 Oct 2026, 05:30 UTC: Bitcoin.com News, official — 3 independent sources, 4 reports
- 5 Oct 2026, 05:30 UTC: Crypto News Flash — 4 independent sources, 5 reports
- 5 Oct 2026, 06:08 UTC: CoinGape — 5 independent sources, 6 reports
- 5 Oct 2026, 08:56 UTC: Cointelegraph — 6 independent sources, 7 reports
- 6 Oct 2026, 00:30 UTC: CryptoSlate — 7 independent sources, 10 reports
Affected entities
Also mentioned: Donald Trump, Chainlink, Federal Reserve, Circle, JPMorgan, U.S. Congress, Base
Original sources
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