Singapore Gulf Bank has further strengthened its relationship with J.P. Morgan by opening a correspondent banking account, granting it direct access to one of the world’s most established USD clearing networks.
The collaboration fortifies Singapore Gulf Bank’s existing network of correspondent banks and payment systems, including its proprietary real-time settlement network, SGB Net. By combining traditional global payment rails with its advanced infrastructure, Singapore Gulf Bank said it offers more comprehensive omnichannel settlement capabilities, empowering clients to manage global liquidity more effectively.
Singapore Gulf Bank has become one of the first digital banks in the MENA region to implement J.P. Morgan Payments’ Wire 365 solution. This service enables USD clearing 365 days a year, providing uninterrupted, near real-time access to cross-border payments. With Wire 365, the bank can now receive and credit clients’ incoming funds over weekends and public holidays. By removing traditional cut-off times and operating every day of the year, Wire 365 can help improve liquidity management and offer clients greater flexibility to optimize cash flows and meet payment obligations efficiently.
“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,” 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. Singapore Gulf Bank’s adoption of Wire 365 highlights our commitment to innovation and enhancing the banking experience for our clients.”
Nawaf Humood, executive director of financial institution group sales at J.P. Morgan Payments, added,
“We are pleased to provide Singapore Gulf Bank with the Wire 365 payment solution. This collaboration highlights SGB’s expanding position as a leading digital bank in the market and underscores the Kingdom of Bahrain’s commitment to supporting innovation.”
J.P. Morgan Payments combines treasury services, trade and working capital, and card and merchant services capabilities to help clients pay customers and employees in different currencies around the world. It typically moves more than $10 trillion (USD) in payments daily, operating in more than 160 countries and north of 120 currencies.