Payward-SGB Deal: Sources Clash on Volume, Bank License Type

CryptoBriefing and crypto.news both covered the Payward-Singapore Gulf Bank settlement partnership but give conflicting figures for SGB Net's monthly transaction volume and different classifications of SGB's banking license.

CryptoBriefing and crypto.news both covered the Payward-Singapore Gulf Bank settlement partnership but give conflicting figures for SGB Net's monthly transaction volume and different classifications of SGB's banking license.

What all sources agree on

• Payward, the parent company of Kraken, partnered with Singapore Gulf Bank (SGB) to connect to SGB Net for 24/7 settlement services.
• The service initially covers U.S. dollar transactions for a select group of institutional clients in Asia and the Gulf region, with plans to expand to more currencies and clients.
• Kraken Prime will supply liquidity as part of the arrangement.
• SGB Net is described as a real-time, multi-currency clearing network that launched in May 2025.

Where the reports disagree

1SGB Net's monthly fiat transaction volume

The network has reportedly handled over $2 billion in fiat transaction volume each month.

CryptoBriefing 2026-10-05 03:41

Singapore Gulf Bank says SGB Net now processes more than $20 billion in fiat monthly.

crypto.news 2026-10-05 04:34

What would settle it: A dated disclosure of SGB Net's processed transaction volume from Singapore Gulf Bank or an independent audit of its clearing network.

2SGB's bank licensing classification

SGB itself is a fully licensed digital bank regulated by the Central Bank of Bahrain.

CryptoBriefing 2026-10-05 03:41

Singapore Gulf Bank is licensed as a conventional wholesale bank by Bahrain’s central bank regulator.

crypto.news 2026-10-05 04:34

What would settle it: Central Bank of Bahrain's public register of licensed banks, which would show SGB's formal license category.

What to make of it

Treat the existence and basic structure of the Payward-SGB 24/7 USD settlement partnership as established, but do not cite either the $2 billion or $20 billion monthly volume figure, or either bank-license description, as confirmed until the Central Bank of Bahrain's register or SGB's own audited disclosures are checked.

Treat the existence and basic structure of the Payward-SGB 24/7 USD settlement partnership as established, but do not cite either the $2 billion or $20 billion monthly volume figure, or either bank-license description, as confirmed until the Central Bank of Bahrain's register or SGB's own audited disclosures are checked.

Update 05 Oct 2026, 06:09 UTC · added by CoinGape, Crypto News Flash

Crypto News Flash adds that the rollout begins with U.S. dollars for select clients in eligible Asian and Gulf jurisdictions, with additional currencies planned, and puts SGB Net’s monthly fiat processing at more than $20 billion, further muddying the volume figure already in dispute between CryptoBriefing and crypto.news. It also frames the setup as reviving settlement capabilities once associated with SEN and Signet. CoinGape adds that Singapore Gulf Bank is separately onboarding Kraken Prime for additional digital asset liquidity.

Originally reported by AltcoinGordon, written by Noah Sullivan. Republished with permission.

View the original on AltcoinGordon →

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