Singapore Gulf Bank Expands Crypto Payments

Singapore Gulf Bank Expands USD Payment Services

Singapore Gulf Bank has expanded its U.S. dollar payment services through BNY's 24/7 transfer network, giving eligible corporate and retail clients access to qualifying transfers during weekends and U.S. public holidays.

Eligible clients can transfer dollars outside traditional U.S. banking hours through BNY's enrolled banking network. SGB's Payward connection separately supports instant dollar settlement for selected institutions across Asia and the Gulf.

Key Features of the Service

• 24/7 USD payment services through BNY's transfer network
• Eligible corporate and retail clients can transfer dollars outside traditional U.S. banking hours
• Instant dollar settlement for selected institutions across Asia and the Gulf through Payward connection

The bank says its SGB Net platform processes more than $20 billion in monthly fiat transactions. BNY has also announced institutional staking plans and blockchain-based fund ownership recordkeeping.

Background and Timeline

Singapore Gulf Bank began corporate banking services in late 2024 and introduced SGB Net in May 2025 for real-time settlement across multiple currencies. The bank operates under a banking license from the Central Bank of Bahrain and is backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore investment group Whampoa Group.

In April 2025, SGB joined BNY's correspondent banking network to strengthen its U.S. dollar clearing capabilities and add another payment provider. On October 5, 2025, Payward announced its 24/7 institutional settlement partnership with SGB, allowing selected institutional customers to settle transactions instantly.

Partnership with Payward

A week before the BNY expansion, crypto.news reported on Payward's 24/7 institutional settlement partnership with SGB. According to the companies, Kraken parent Payward connected to SGB Net so selected institutional customers across supported Asian and Gulf jurisdictions could settle transactions instantly.

The initial service covers U.S. dollars, with additional currencies and customers planned for later stages. For eligible SGB customers, Payward said the connection allows funds deposited with its platform to become available for trading immediately, including outside normal banking hours.

BNY's Reported Payward Talks

BNY's reported Payward talks cover six business areas: crypto products, custody, wealth management, trading, payments, and financial infrastructure. According to two people familiar with the discussions, the proposed arrangement could involve Payward Services supplying infrastructure to financial institutions.

Galaxy Agreement

On August 4, 2025, Galaxy announced its institutional staking agreement with BNY, bringing planned staking capabilities into the bank's Digital Asset Custody platform. Galaxy said it would provide staking infrastructure and help design BNY's digital asset platform.

Under the proposed model, eligible institutions could access staking alongside custody, fund accounting, tax reporting, payments, and client reporting where applicable. According to the companies, customer assets would remain within BNY's custody framework while using Galaxy's staking infrastructure.

Read also: Standard Chartered Expands Crypto Custody

Fund Platform

In July 2025, a report on BNY's blockchain fund ownership records described a digital transfer agency platform for maintaining investor transactions and official shareholder records on a shared ledger. According to the Financial Times report covered on July 29, 2025, BNY would continue its existing transfer agency services alongside the blockchain system.

The report put that business at approximately $8.6 trillion in supported assets across 7.6 million investor accounts. Among the early users, Baillie Gifford planned to adopt the platform for a regulated tokenized fund in the United Kingdom.

Expert Perspective

Singapore Gulf Bank Executive Vice Chairman Ali Moosa pointed to customers whose operations span markets with different working hours, saying, our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours. BNY's EMEA head of global payments and trade, Bana Akkad Azhari, added that continuous dollar settlement would help institutions manage available cash and meet urgent payment obligations.

Implications for Readers in India

The expansion of Singapore Gulf Bank's crypto payment services has significant implications for readers in India. With the increasing adoption of cryptocurrencies in the country, the ability to transfer dollars outside traditional US banking hours could provide Indian businesses with greater flexibility and convenience in their international transactions.

What to Watch Next

As the crypto payment landscape continues to evolve, readers should keep an eye on further developments in the partnership between Singapore Gulf Bank and Payward, as well as the progress of BNY's institutional staking plans and blockchain-based fund ownership recordkeeping. Additionally, the adoption of blockchain technology in the financial sector is likely to have far-reaching implications, and readers should stay informed about the latest trends and innovations in this space.