Singapore Gulf Bank, licensed under the Central Bank of Bahrain, has made BNY Mellon one of the first global financial institutions to adopt its 24/7 USD Book Transfers network. The move gives clients access to round-the-clock settlement for qualifying U.S. dollar payments between accounts held directly with BNY or through enrolled correspondent banks.

Expansion targets time-sensitive cross-border transactions

The service supports a range of use cases, including account funding, supplier payments and time-sensitive treasury operations. It extends to both corporate and retail clients, addressing the reality that many businesses operate across markets with differing trading hours. Singapore Gulf Bank’s SGB Net platform, launched in May 2025, already handles more than $20 billion in monthly fiat transactions, and the BNY connection adds another layer of always-available USD clearing.

Ali Moosa, executive vice chairman of Singapore Gulf Bank, said the partnership aligns with client needs in different time zones. He stated, “Our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours. Working with BNY strengthens our payment network and reinforces SGB’s commitment to providing real-time cross-border banking solutions.”

Partnership builds on earlier correspondent network entry

The expansion follows Singapore Gulf Bank’s April 2026 addition to BNY’s correspondent banking network, which strengthened its U.S. dollar clearing capabilities. Corporate banking services began in late 2024, with SGB Net providing real-time multi-currency settlement from May 2025 onward. The bank’s ownership includes stakes from Bahrain’s sovereign wealth fund Mumtalakat and Singapore investment group Whampoa Group.

Crypto settlement link via Payward adds institutional layer

Earlier in October, Payward, the parent of Kraken, connected its settlement platform to SGB Net. The integration allows selected institutional clients across Asia and the Gulf to settle U.S. dollar transactions instantly, outside normal banking hours. Funds deposited on the Payward side become available for trading immediately, with plans to include additional currencies and clients in coming months. Singapore Gulf Bank will also incorporate Kraken Prime liquidity sources into its operations.

Payward chief commercial officer Mark Greenberg highlighted the demand from exchanges, payment providers and financial technology firms that require continuous operations while banks operate on fixed schedules.

Broader context of BNY’s digital asset developments

The announcement comes amid BNY Mellon’s ongoing push into digital asset infrastructure. Recent agreements include a partnership with Galaxy for institutional staking services, subject to regulatory review, and the development of blockchain-based recordkeeping for tokenized fund ownership. The bank oversees $62.6 trillion in assets under custody and administration and $2.2 trillion in assets under management as of June 30, 2026.

Singapore Gulf Bank’s integration of BNY services positions it at the intersection of traditional banking rails and digital payment demands, particularly for clients spanning the Gulf region and Asia. The bank continues to expand its multi-currency settlement options while maintaining compliance with its Bahrain-issued license.