Singapore Gulf Bank Partners BNY for 24/7 USD Payments

What happened

On October 12, 2026, Singapore Gulf Bank (SGB) announced it had adopted BNY's 24/7 USD Book Transfers service, becoming one of the first financial institutions globally to use the solution. The arrangement lets eligible corporate and retail clients settle qualifying U.S. dollar transfers at any hour, including weekends and U.S. public holidays, outside traditional U.S. banking hours. Transfers can settle between accounts held directly at BNY or through correspondent banks enrolled in the network, as long as participating accounts meet network requirements.

For corporate clients, supported use cases include account funding, supplier payments and time-sensitive cross-border treasury transactions, with eligible retail clients also gaining access to the service. The expansion builds on an earlier April 7, 2026 agreement where SGB joined BNY's correspondent banking network to strengthen its U.S. dollar clearing capabilities. It also follows SGB's October 5, 2026 partnership with Kraken parent Payward, which connected Payward to SGB's SGB Net platform to offer instant USD settlement for selected institutional clients across Asia and the Gulf. SGB Executive Vice Chairman Ali Moosa said the service addresses client needs for cross-border transfers across time zones, while BNY EMEA head of global payments and trade Bana Akkad Azhari noted continuous dollar settlement helps institutions manage liquidity and meet urgent payment obligations.

Why it matters

The partnership expands SGB's existing fiat payment infrastructure, which already processes more than $20 billion in monthly fiat transactions via its SGB Net platform launched in May 2025. For BNY, the deal is part of broader digital asset and payment infrastructure expansion, including plans for a blockchain-based digital transfer agency platform for tokenized investment fund ownership records, and previously announced institutional staking services via a partnership with Galaxy.

Background

• Singapore Gulf Bank operates under a banking license from the Central Bank of Bahrain, with backing from Bahrain's sovereign wealth fund Mumtalakat and Singapore investment group Whampoa Group. It launched corporate banking services in late 2024, followed by its SGB Net real-time multi-currency settlement platform in May 2025.

What is still unclear

• The reports do not specify exact eligibility requirements for corporate or retail clients to access the 24/7 USD transfer service, or the full timeline for expanding Payward's instant settlement service to additional currencies and clients.

Questions readers ask