Singapore Gulf Bank Enables 24/7 USD Transfers via BNY Network

The facility permits qualifying dollar transfers to settle instantly between accounts held directly at BNY or through participating correspondent banks. SGB Executive Vice Chairman Ali Moosa noted that the service addresses the friction faced by clients operating across disparate time zones, where business requirements frequently fall outside standard U.S. financial windows. For corporate users, the capability supports immediate account funding, supplier payments, and cross-border treasury management.

This integration expands a relationship initiated in April, when SGB joined BNY’s correspondent banking network to bolster its clearing capabilities. The bank, backed by Bahrain’s Mumtalakat and Singapore’s Whampoa Group, reports that its SGB Net platform currently handles over $20 billion in monthly fiat transactions. Beyond BNY, SGB recently partnered with Payward to provide instant institutional settlement for digital asset liquidity, signaling a broader push to modernize payment infrastructure for firms that operate continuously while traditional banks maintain rigid settlement cutoffs.