SINGAPORE Gulf Bank (SGB), a digital wholesale bank backed by the kingdom’s sovereign wealth fund Mumtalakat and Singapore’s Whampoa Group, has joined JP Morgan’s correspondent banking network, opening an account that provides the Bahrain-based digital bank with direct access to one of the world’s largest US dollar clearing systems.
The agreement strengthens SGB’s cross-border payment capabilities and expands its network of correspondent banks and payment systems.
“This collaboration is a major step forward for digital banking in the GCC and further strengthens our position as the financial bridge between Asia and the Gulf,” SGB executive vice chairman Ali Moosa noted.
“Joining JP 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 new agreement was formalised during a signing ceremony at SGB’s headquarters in Bahrain.
It complements SGB’s proprietary real-time settlement infrastructure, SGB Net, allowing it to combine traditional global payment rails with advanced digital settlement capabilities.
As part of the collaboration, SGB has also rolled out JP Morgan Payments’ Wire 365 solution, making it one of the first digital banks in Middle East and North Africa to implement the service.
“Singapore Gulf Bank’s adoption of Wire 365 highlights our commitment to innovation and enhancing the banking experience for our clients,” Mr Moosa added.
“This advancement places SGB at the forefront of digital transformation in the financial sector, setting a new standard for efficient and reliable USD payment processing.”
Wire 365 enables US dollar clearing 365 days a year, including weekends and public holidays, allowing incoming funds to be received and credited without traditional cut-off times. SGB will now be able to significantly enhance service availability and convenience with the service, improving liquidity management and gives clients greater flexibility to optimise cash flows and meet payment obligations.
JP Morgan Payments combines treasury services, trade and working capital, as well as card and merchant services, supporting payments across more than 160 countries and over 120 currencies.
The platform typically processes more than $10 trillion in payments daily.
“We are pleased to provide Singapore Gulf Bank with the Wire 365 payment solution,” JP Morgan Payments financial institution group sales executive director Nawaf Humood added.
“This collaboration highlights SGB’s expanding position as a leading digital bank in the market and underscores Bahrain’s commitment to supporting innovation.”
The announcement follows a series of recent developments for SGB.
The bank launched its corporate banking services in late 2024 and introduced SGB Net, its real-time multi-currency clearing network, in May last year.
Last month, it also announced a partnership with digital asset infrastructure provider Fireblocks to support treasury management and digital asset custody.
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