Key facts
- Singapore Gulf Bank now offers 24/7 USD payment services through BNY's network.
- The service allows eligible retail and corporate clients to transfer funds on weekends and US holidays.
Singapore Gulf Bank has partnered with BNY to expand its US dollar payment services, allowing eligible clients to move funds 24/7, including on weekends and US holidays. The move aims to address the needs of businesses operating across different time zones and traditional banking hours.
The expansion of 24/7 USD payment services by Singapore Gulf Bank, facilitated by BNY, addresses a critical need for businesses operating globally to manage liquidity and execute transactions outside of traditional banking hours, potentially improving efficiency and reducing settlement delays.
Singapore Gulf Bank has enhanced its US dollar payment capabilities through a new partnership with BNY, enabling eligible clients to conduct transactions around the clock, including on weekends and US holidays. This expansion allows businesses to manage cross-border treasury operations and payments outside of traditional banking hours, addressing the needs of clients operating across different time zones.
Through this collaboration, Singapore Gulf Bank has joined BNY's 24/7 payment network, becoming one of the first financial institutions globally to adopt the service. The system facilitates USD transfers between qualified accounts of eligible correspondent banks registered with BNY and BNY's own accounts.
Ali Moosa, Executive Vice Chairman of Singapore Gulf Bank, highlighted that the agreement caters to clients who work in diverse markets and time zones, whose business needs extend beyond standard US banking hours. Bana Akkad Azhari, BNY's EMEA head of global payments & trade, noted that the service will assist institutions in managing liquidity and meeting immediate payment requirements.
This development follows Singapore Gulf Bank's recent digital asset payment infrastructure deal. On October 5, Kraken's parent company, Payward, integrated SGB Net for instant settlement of digital asset transactions, initially for USD. Both companies plan to extend access to more clients and currencies, with SGB also working with Kraken Prime on liquidity services for digital asset operations. SGB Net, established in 2025, processes over $20 billion in monthly fiat transactions.
BNY has been actively expanding its digital asset services, including a partnership with Galaxy to integrate staking into its digital asset custody platform, pending regulatory review. The bank is also developing a digital transfer agency platform that will use blockchain technology to maintain ownership records for tokenized investment funds.
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