Singapore Gulf Bank (SGB) has expanded its US dollar payment capabilities through BNY’s 24/7 Book Transfers service, enabling eligible corporate and retail customers to make qualifying dollar transfers beyond traditional US banking hours, including weekends and US public holidays.
Announced on October 12, the expansion allows transfers between eligible accounts held directly at BNY or through correspondent banks enrolled in the service. Availability depends on the participating institutions and accounts meeting the network’s requirements. SGB described itself as one of the first financial institutions globally to adopt the solution.
The new capability targets businesses operating across multiple markets and time zones, particularly those requiring timely access to dollar payments for account funding, supplier transactions and cross-border treasury operations. SGB Executive Vice Chairman Ali Moosa said customers increasingly need payment services that operate beyond conventional banking schedules. BNY also highlighted the importance of continuous settlement for improving cash management and meeting urgent payment obligations.
The latest expansion builds on SGB’s existing relationship with BNY. In April, the Bahrain-licensed bank joined BNY’s correspondent banking network to strengthen its US dollar clearing capabilities and diversify its payment infrastructure. SGB began corporate banking operations in late 2024 and introduced its SGB Net platform in May 2025 to support real-time settlement across multiple currencies.
SGB’s payment infrastructure is also expanding into the digital asset sector. On October 5, Payward, the parent company of cryptocurrency exchange Kraken, announced a partnership with the bank to enable instant US dollar settlement for selected institutional customers across supported jurisdictions in Asia and the Gulf. The arrangement allows eligible customers to access deposited funds for trading without waiting for conventional banking hours. The companies have indicated that additional currencies and customer access could follow in later phases.
Payward also plans to connect SGB with Kraken Prime as a source of digital asset liquidity. According to the partnership announcement, SGB Net processes more than $20 billion in monthly fiat transactions, reflecting demand from businesses that require continuous payment and settlement services.
Beyond payments, BNY has continued to develop services connecting traditional financial infrastructure with blockchain technology. Its institutional initiatives include tokenized representations of bank deposits for eligible settlement transactions, digital asset custody capabilities incorporating planned staking services, and blockchain-based recordkeeping for fund ownership. These projects illustrate the bank’s broader work on integrating distributed ledger technology into established financial operations, although individual services remain subject to eligibility requirements and, where applicable, regulatory review.
BNY has also reportedly explored a potential broader crypto services relationship with Payward covering areas such as custody, trading, payments, wealth management and financial infrastructure. However, those discussions have been described as ongoing, and a final agreement is not guaranteed.
For SGB, the expanded BNY connection and Payward partnership represent complementary approaches to addressing the demand for round-the-clock financial services. Continuous dollar transfers can help eligible customers move funds outside conventional banking windows, while the digital asset settlement connection supports institutions operating in markets that function around the clock.
The longer-term significance will depend on participating-bank coverage, customer eligibility and how reliably these services operate across jurisdictions. While 24/7 payment infrastructure can reduce delays associated with traditional banking schedules, it does not mean every transfer or account will automatically have uninterrupted access to settlement.
