Singapore Gulf Bank adds weekend and holiday dollar transfers through BNY's 24/7 service
Singapore Gulf Bank adopted BNY's 24/7 USD Book Transfers on Oct. 12, letting qualifying dollar transfers settle on weekends and U.S. public holidays. SGB has not disclosed fees, limits or settlement times, so treasurers cannot yet price it.
The Investor · Invest desk
Corporate: account funding, supplier payments, cross-border treasury. Eligible retail customers included. Transfers settle between eligible accounts at BNY or enrolled correspondents. Bank and account must meet network requirements. Limits, fees and settlement times undisclosed.
- What's now possible capability SGB corporate customers Account funding, supplier payments and time-sensitive cross-border treasury transactions, claim 10
- What's now possible capability Eligible SGB retail customers Included in SGB's announcement alongside corporate customers, claim 10
- What's now possible capability Enrolled correspondent banks Qualifying dollar transfers settle at any hour between eligible accounts held at BNY or through them, claim 2
- What it limits constraint Participating bank and account Access depends on both meeting the network's requirements, claim 3
- What it limits constraint Singapore Gulf Bank Has not disclosed transaction limits, fees, or settlement times for individual payment types, claim 8
| Who | How | Kind | Claim |
|---|---|---|---|
| SGB corporate customers | Account funding, supplier payments and time-sensitive cross-border treasury transactions | capability | 10 |
| Eligible SGB retail customers | Included in SGB's announcement alongside corporate customers | capability | 10 |
| Enrolled correspondent banks | Qualifying dollar transfers settle at any hour between eligible accounts held at BNY or through them | capability | 2 |
| Participating bank and account | Access depends on both meeting the network's requirements | constraint | 3 |
| Singapore Gulf Bank | Has not disclosed transaction limits, fees, or settlement times for individual payment types | constraint | 8 |
What happened
- Settlement runs between eligible accounts held directly at BNY or at correspondent banks enrolled in the service, at any hour.
- SGB listed account funding, supplier payments and time-sensitive cross-border treasury transactions as corporate uses, and extended eligibility to retail customers.
- SGB had joined BNY's correspondent banking network on April 7, saying it wanted to strengthen its dollar clearing and add another payment provider.
- On Oct. 5, Payward connected to SGB Net so selected institutional customers in supported Asian and Gulf jurisdictions can settle instantly, starting with dollars.
Why it matters
- What it limits constraint Access depends on both the participating bank and the account meeting the network's requirements, so a treasurer has to check the payee's bank as well as the account before counting on a weekend payment.
- What doesn't add up contradiction Instant dollar settlement for Asia and the Gulf comes from the Payward link. The Crypto Times describes it as a digital-asset market service separate from BNY's book transfers, so the two do not add up to one weekend rail.
- Who's exposed exposure An Oct. 2 report, citing two people familiar, said BNY and Payward are negotiating a crypto services partnership with no assurance of a deal. If it closes, SGB's two dollar links would share a counterparty.
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We think the evidence supports a narrower claim than the announcement invites. Dollars can move on a Sunday, or rather some dollars can, between some banks [1]. How useful that is depends on how long the enrolled list gets. SGB calls itself one of the first financial institutions globally to adopt the service [1]. The number of enrolled banks is the first figure we would ask for.
The scale figure on offer is SGB's own. The bank says SGB Net processes more than $20 billion a month in fiat transactions [15], about $667 million a calendar day on a 30-day month [16]. SGB Net settles across multiple currencies [12], and the BNY product moves dollars [1]. The coverage gives no figure for how much of the $20 billion would use it.
Ali Moosa, SGB's executive vice chairman, put the demand in terms of the clock. "Our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours," Moosa said [4]. BNY's Bana Akkad Azhari, its EMEA head of Global Payments & Trade, described the benefit as liquidity management. "Round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations," Azhari said [5].
SGB made the BNY correspondent link public about six months before this announcement [14], and the Payward connection to SGB Net came seven days before it [13]. A bank that began corporate banking in late 2024 [12] now draws its dollar reach from two outside networks.
The view is wrong if the fees and limits SGB has not disclosed [8] put a weekend transfer above the cost of waiting for Monday, or if the enrolled list turns out to be a handful of banks. The Crypto Times said it asked SGB and BNY for comment and had no response at publication [9].
What to watch
- A fee schedule, transaction limits and settlement times from SGB or BNY, none of which the Crypto Times could get confirmed.
- A published list of the correspondent banks enrolled in BNY's 24/7 USD Book Transfers.
- Whether BNY and Payward sign the partnership described in the Oct. 2 report.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence40
- Adoption15
- Hype gap+25
- Incentives55
- Confidence60
Perspective Coverage
3 publishers- Builder
- Builder 18%
- Operator
- Operator 42%
- Investor
- Investor 40%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Singapore Gulf Bank announced on Oct. 12 that it had adopted BNY's 24/7 USD Book Transfers service, describing itself as one of the first financial institutions globally to use it; qualifying dollar transfers can be made on weekends and U.S. public holidays.
- [2]
Under the arrangement, qualifying dollar transfers can settle at any hour between eligible accounts held directly at BNY or through correspondent banks enrolled in the service.
- [3]
Access depends on the participating bank and the account meeting the network's requirements.
- [4]
"Our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours," Moosa said.
- [5]
"Round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations," Azhari said.
- [6]
On Oct. 5, Kraken parent Payward connected to SGB Net so selected institutional customers across supported Asian and Gulf jurisdictions could settle transactions instantly; the initial service covers U.S. dollars.
- [7]
The Payward partnership focuses on settlement for institutional digital-asset markets, while the Oct. 12 announcement covers qualifying USD transfers through BNY's book-transfer service; the Crypto Times describes the services as separate.
- [8]
SGB has not disclosed transaction limits, fees, or settlement times for individual payment types.
- [9]
The Crypto Times reached out to Singapore Gulf Bank and BNY for comment and had not received a response as of publication.
- [10]
For corporate customers, SGB identified account funding, supplier payments and time-sensitive cross-border treasury transactions as supported uses, and its announcement also included eligible retail customers.
- [11]
In an April 7 announcement, SGB said it had joined BNY's correspondent banking network to strengthen its U.S. dollar clearing capabilities and add another payment provider.
- [12]
According to SGB's April statement, the bank began corporate banking services in late 2024 and introduced SGB Net in May 2025 for real-time settlement across multiple currencies.
- [13]
The Payward connection to SGB Net (Oct. 5) preceded the BNY service announcement (Oct. 12) by seven days.
- [14]
SGB's April 7 BNY announcement came about six months before the Oct. 12 BNY service announcement.
- [15]
The bank says its SGB Net platform processes more than $20 billion in monthly fiat transactions.
- [16]
SGB Net's reported $20 billion a month is about $667 million per calendar day over a 30-day month.
- [17]
An Oct. 2 report, citing two people familiar with the discussions, described a potential BNY and Payward crypto services partnership covering six areas, with ongoing negotiations and no assurance that an agreement would follow.
Sources
3 independent publishers whose own reporting we read for this story.
- crypto.newsSingapore Gulf Bank expands 24/7 USD payments through BNY
1 article · October 12, 2026
- cryptotimes.ioSingapore Gulf Bank Taps BNY for 24/7 Dollar Payment Expansion
1 article · October 12, 2026
- news.bitcoin.comBNY Brings 24/7 Dollar Settlement to Singapore Gulf Bank
1 article · October 13, 2026
Topics and entities
Topics
- 24/7 dollar settlement
- Stablecoins
- Correspondent Banking