SGB enables 24/7 USD payments with J.P. Morgan

By Vriti Gothi

Singapore Gulf Bank (SGB) has joined J.P. Morgan’s global correspondent banking network, securing direct access to the US dollar clearing infrastructure to strengthen cross-border payment capabilities across Asia and the Gulf region.

Through the newly opened correspondent banking account, SGB gains direct USD clearing access, reducing reliance on intermediary banks and improving settlement efficiency for corporate and institutional clients. The development comes amid growing demand in the region for faster, more reliable cross-border payments and improved liquidity management.

As part of the collaboration, SGB has also become one of the first digital banks in the Middle East and North Africa to implement J.P. Morgan Payments’ Wire 365 solution. The service enables USD wire payments to be received and credited 365 days a year, including weekends and public holidays—removing traditional cut-off times that have long constrained global cash management.

By integrating Wire 365 with its existing correspondent banking relationships and its proprietary real-time settlement infrastructure, SGB Net, the bank aims to deliver continuous, near real-time USD payment processing. This hybrid approach combines traditional global payment rails with modern digital banking architecture, offering clients greater flexibility in managing cash flows and meeting payment obligations.

“This collaboration is a major step forward for digital banking in the Gulf Cooperation Council and further strengthens our position as the financial bridge between Asia and the Gulf,” said Ali Moosa, Executive Vice Chairman of Singapore Gulf Bank. “Joining J.P. Morgan’s global network allows us to offer clients a convenient route for USD clearing and ensures that their capital moves with the speed, certainty, and security required in today’s global economy.”

From J.P. Morgan’s perspective, the partnership reflects increasing adoption of always-on payment infrastructure among digitally native banks in the region. Nawaf Humood, Executive Director, Financial Institution Group Sales at J.P. Morgan Payments, said the collaboration underscores both SGB’s growing market presence and Bahrain’s role in supporting financial innovation.

The announcement adds to a series of recent strategic initiatives by SGB as it scales its corporate and transaction banking capabilities. The bank launched its corporate banking services in late 2024, followed by the rollout of SGB Net, a real-time, multi-currency clearing network, in May 2025. In December, SGB also partnered with digital asset infrastructure provider Fireblocks to support treasury management and digital asset custody.