Singapore Gulf Bank (SGB) has strengthened its global banking capabilities by opening a correspondent banking account with J.P. Morgan.
It provides direct access to one of the world’s most established USD clearing networks. This strategic move improves SGB’s capacity to deliver efficient, secure, and uninterrupted cross-border payment services to its corporate and institutional clients.
The partnership expands SGB’s existing network of correspondent banks and payment systems, including its proprietary real-time settlement infrastructure, SGB Net. By integrating traditional global payment rails with advanced digital infrastructure, SGB enables comprehensive omnichannel settlement capabilities, allowing clients to manage liquidity across multiple geographies with greater precision and flexibility.
Implementation of Wire 365 for better service availability
SGB has become one of the first digital banks in the Middle East and North Africa (MENA) region to implement J.P. Morgan Payments’ Wire 365 solution. This service facilitates USD clearing 365 days a year, providing near real-time access to cross-border payments even on weekends and public holidays. By eliminating traditional cut-off times, Wire 365 enables clients to optimise cash flow management and meet payment obligations efficiently, reducing operational delays and improving overall service reliability.
J.P. Morgan Payments moves more than USD 10 trillion in payments daily, spanning over 160 countries and supporting more than 120 currencies. By connecting to this network, SGB can provide clients with faster settlement times, reduced transaction risk, and improved capital mobility.
SGB’s adoption of Wire 365 builds on recent milestones, including the launch of its corporate banking services in late 2024, the introduction of SGB Net in May 2025, and a recent collaboration with digital asset infrastructure provider Fireblocks to support secure treasury management and digital asset custody. These initiatives collectively improve the bank’s ability to provide simple multi-currency and cross-border payment solutions.
This development underscores the increasing integration of digital banking services with traditional financial systems, offering businesses in the GCC and Asia better access to global USD liquidity and more flexible payment processing options.
