Singapore Gulf Bank (SGB), a fully licensed digital bank regulated by the Central Bank of Bahrain, has taken a major step towards expanding its global payments capabilities by opening a correspondent banking account with JP Morgan. This move will give SGB direct access to JPMorgan’s established USD payment network, strengthening its ability to provide fast, secure and reliable cross-border payment services to customers around the world.
Manama-based SGB says the partnership aims to support businesses and investors that rely on seamless international capital flows, particularly across key financial corridors connecting the Middle East, Asia and global markets.
Deploying Wire 365 for always-on USD payments
A key highlight of this partnership is that SGB became one of the first digital banks in the MENA region to adopt JP Morgan Payments’ Wire 365 solution. Wire 365 enables USD payments 365 days a year, eliminating traditional banking cut-off times and enabling near real-time payments, even on weekends and holidays.
With this feature, SGB can now receive and deposit payments in USD without interruption. This significantly increases service availability and gives you more flexibility to manage liquidity, optimize cash flow, and fulfill payment obligations without being constrained by standard banking hours.
Enhancement of omnichannel payment functions
The new correspondent banking relationships complement SGB’s existing global payments system network, including SGB Net, its proprietary real-time payments infrastructure. SGB aims to provide a more comprehensive omnichannel payment solution by combining traditional global payment rails with advanced digital infrastructure.
The bank says this integrated approach will allow customers to manage their international liquidity more efficiently, while benefiting from increased speed, certainty and security of cross-border transactions.
Supporting cross-border capital flows
This partnership is particularly important as capital flows between the Gulf Cooperation Council (GCC) region and Asia continue to expand. Improved USD payment capabilities will help facilitate investment flows, trade finance, and treasury operations for businesses and institutions operating in these regions.
“By joining JPMorgan’s global network, we will be able to offer our customers a convenient route to pay in US dollars, ensuring that their funds move with the speed, certainty and security required in today’s global economy,” said Ali Moussa, Executive Vice Chairman of SGB.
Backed by global financial strength
JP Morgan Payments processes more than $10 trillion in payments every day in more than 160 countries and 120 currencies, bringing great scale and credibility to our partnerships. Meanwhile, SGB provides banking, digital asset management, and stablecoin payment services with support from Whampoa Group and Bahraini sovereign wealth fund Mamtalakat. This collaboration marks a push towards a more continuous, always-on cross-border banking infrastructure.
