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.
Singapore Gulf Bank says SGB Net now processes more than $20 billion in fiat monthly.
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.
Singapore Gulf Bank is licensed as a conventional wholesale bank by Bahrain’s central bank regulator.
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Treat the existence and basic structure of the Payward-SGB 24/7 USD settlement partnership as established, but do not cite either the $2 billion or $20 billion monthly volume figure, or either bank-license description, as confirmed until the Central Bank of Bahrain's register or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Treat the existence and basic structure of the Payward-SGB 24/7 USD settlement partnership as established, but do not cite either the $2 billion or $20 billion monthly volume figure, or either bank-license description, as confirmed until the Central Bank of Bahrain's register or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.