Payward, the operator behind the well‑known Kraken exchange, has entered into a strategic collaboration with Singapore Gulf Bank to bring a round‑the‑clock settlement service for digital assets to institutional investors. This alliance is designed to address a growing demand among large‑scale traders, asset managers, and custodians for faster, more reliable ways to move cryptocurrency and fiat currencies between parties without the delays that have traditionally plagued cross‑border transactions.
The joint offering will initially be made available to a select cohort of institutional clients operating in Asia and the Gulf region. By focusing on a limited group at launch, both firms aim to fine‑tune the platform, ensure regulatory compliance, and gather feedback from sophisticated users who require high‑volume, low‑latency settlement capabilities. These early adopters will benefit from a seamless integration that allows them to settle trades in U.S.
dollars 24 hours a day, seven days a week, effectively eliminating the downtime that often occurs when traditional banking systems close for holidays or outside of regular business hours. One of the core advantages of this service is its ability to bridge the gap between the crypto world and conventional finance.
Institutional participants can now execute a trade on Kraken, receive an immediate confirmation, and have the corresponding U.S. dollar amount transferred to their bank account within minutes, regardless of the time of day.
This is made possible through Singapore Gulf Bank’s robust correspondent banking network, which has been upgraded to support instant settlement of fiat against a range of digital tokens, including Bitcoin, Ethereum, and other major cryptocurrencies supported by Kraken. The partnership also places a strong emphasis on security and regulatory adherence. Both Payward and Singapore Gulf Bank have invested heavily in anti‑money‑laundering (AML) and know‑your‑customer (KYC) frameworks, ensuring that every transaction is scrutinized in line with the stringent requirements of the jurisdictions they operate in.
Moreover, the settlement engine employs multi‑signature custody solutions and real‑time monitoring to protect client assets from cyber‑threats and operational risks. From a technical perspective, the integration leverages Kraken’s Application Programming Interface (API) suite, which has been expanded to include settlement‑specific endpoints. These APIs allow institutional clients to automate the entire trade‑to‑settlement workflow, from order placement to final fiat transfer, without manual intervention.
The system also supports batch processing, enabling the settlement of multiple trades in a single request, which can significantly reduce operational overhead for large trading desks. In addition to the core settlement functionality, the service offers a suite of value‑added features. Clients can access detailed reporting tools that provide real‑time insight into settlement status, transaction costs, and compliance metrics. There is also a dedicated support desk staffed by experts from both Payward and Singapore Gulf Bank, available around the clock to resolve any issues that may arise during the settlement process.
The launch of this 24/7 settlement capability is expected to have broader implications for the institutional crypto market in the region. By removing the friction associated with fiat conversion and settlement timing, the partnership aims to increase liquidity, lower transaction costs, and encourage greater participation from traditional financial institutions that have been hesitant to engage with crypto due to operational constraints. Looking ahead, both Payward and Singapore Gulf Bank have indicated that they plan to expand the service beyond the initial pilot group. Future phases may include support for additional fiat currencies, such as the euro and the British pound, as well as the incorporation of stablecoins and tokenized assets.
This roadmap reflects a commitment to creating a comprehensive, global settlement infrastructure that can serve the evolving needs of institutional investors worldwide. In summary, the collaboration between Kraken’s operator Payward and Singapore Gulf Bank represents a significant step forward in the maturation of crypto‑related financial services. By offering a reliable, always‑on settlement solution that bridges digital and traditional assets, the partnership not only enhances operational efficiency for its early clients but also sets a new standard for how institutional crypto transactions can be executed in a fast‑moving, globally interconnected market.