Singapore Gulf Bank (SGB) has strengthened its strategic relationship with J.P. Morgan by opening a correspondent banking account, granting the Bahrain-based digital bank direct access to one of the world's most established USD clearing networks and positioning it to deliver faster, more secure cross-border payment services to clients across the Gulf Cooperation Council and Asia.
The collaboration, formalized during a signing ceremony at SGB's headquarters in Bahrain, reinforces the bank's growing global payments ecosystem, which already includes a network of correspondent banks and its proprietary real-time settlement platform, SGB Net. By combining traditional international payment rails with advanced digital infrastructure, SGB aims to offer clients enhanced omnichannel settlement capabilities and more effective global liquidity management.
As part of the expanded partnership, SGB has become one of the first digital banks in the MENA region to implement J.P. Morgan Payments' Wire 365 solution—a service that enables USD clearing 365 days a year, providing uninterrupted, near real-time access to cross-border payments even on weekends and public holidays.
The Wire 365 service removes traditional banking cut-off times that have long constrained cross-border USD payments, giving banks continuous access to clearing every day of the year. For corporate and institutional clients, this translates into fewer payment delays, improved liquidity management, and greater flexibility to optimize cash flows and meet time-sensitive payment obligations.
Ali Moosa, Executive Vice Chairman of Singapore Gulf Bank, characterized the deal as a strategic milestone for both the bank and the broader region: "This collaboration is a major step forward for digital banking in the Gulf Corporation Council and further strengthens our position as the financial bridge between Asia and the Gulf. 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."
The arrangement allows Singapore Gulf Bank to receive and credit incoming client funds on weekends and public holidays, significantly enhancing service availability and convenience. By removing traditional cut-off times and operating every day of the year, Wire 365 helps improve liquidity planning and offers clients greater flexibility in managing cash flows and meeting payment obligations efficiently.
Moosa emphasized that the adoption of Wire 365 highlights SGB's commitment to innovation and enhancing the banking experience for clients, placing the digital bank at the forefront of digital transformation in the financial sector and setting a new standard for efficient and reliable USD payment processing.
From J.P. Morgan's perspective, Nawaf Humood, Executive Director of Financial Institution Group Sales at J.P. Morgan Payments, said the bank was pleased to provide Singapore Gulf Bank with the Wire 365 payment solution, noting that the collaboration highlights SGB's expanding position as a leading digital bank in the market and underscores the Kingdom of Bahrain's commitment to supporting financial innovation.
The partnership follows a wider industry trend in which large correspondent banks are extending 24/7 USD clearing capabilities to regional partners, reflecting growing expectations among corporates and financial institutions for uninterrupted access to global liquidity.
J.P. Morgan Payments combines treasury services, trade and working capital solutions, and card and merchant services capabilities to help clients pay customers and employees in different currencies around the world. The payments arm typically moves more than $10 trillion in payments daily, operating in over 160 countries and more than 120 currencies, underscoring why access to its network is particularly attractive for emerging digital banks looking to boost cross-border capabilities and enhance client experience.
For Singapore Gulf Bank, the correspondent banking relationship with J.P. Morgan complements its existing infrastructure, including SGB Net, its proprietary real-time settlement network. The combination of traditional global payment rails with advanced digital infrastructure enables the bank to provide more comprehensive omnichannel settlement capabilities, empowering clients to manage global liquidity more effectively.
The partnership is particularly relevant as capital flows between the Gulf Cooperation Council region and Asia continue to expand. Improved USD clearing capabilities can help facilitate investment flows, trade financing, and treasury operations for corporates and institutions operating across these regions, supporting businesses and investors that rely on seamless international money flows across major financial corridors.
The announcement follows a series of recent milestones for SGB, including the launch of its corporate banking services in late 2024, the rollout of its multi-currency real-time clearing network SGB Net in May 2025, and a partnership with digital asset infrastructure provider Fireblocks to support secure treasury management and digital asset custody.
Based in Manama and fully licensed by the Central Bank of Bahrain, Singapore Gulf Bank offers banking, digital asset management, and stablecoin settlement services. The bank is backed by Whampoa Group and Bahrain's sovereign wealth fund, Mumtalakat, providing financial strength and strategic support for its expansion initiatives.
By embedding Wire 365 into its technology stack, Singapore Gulf Bank positions itself at the forefront of digital transformation in the region's banking sector, promising faster, more reliable USD payment processing for customers that trade across time zones. As corporates and financial institutions increasingly expect uninterrupted access to global liquidity, the move signals how correspondent relationships and new clearing technologies are reshaping the mechanics of cross-border business.
The collaboration demonstrates how digital banks in emerging markets are leveraging partnerships with global financial institutions to enhance their service offerings and compete more effectively with established players. For clients, the practical impact centers on reduced operational friction, better treasury management capabilities, and the ability to execute time-sensitive transactions without being constrained by traditional banking hours or weekend closures.