Singapore Gulf Bank (SGB), a digital bank based in Bahrain, has entered into a strategic partnership with J.P. Morgan to gain direct access to uninterrupted US dollar clearing. The collaboration, formalized through a correspondent banking relationship, enables SGB to utilize J.P. Morgan Payments' Wire 365 solution, allowing for USD settlement 365 days a year, including weekends and public holidays.
The Wire 365 service eliminates traditional cut-off times that have historically constrained cross-border USD payments. This provides SGB's corporate and institutional clients with near-real-time clearing, resulting in fewer payment delays, improved liquidity management, and greater flexibility to optimize cash flows and meet time-sensitive obligations. The bank can now receive and credit incoming client funds on any day, significantly enhancing service availability.
Ali Moosa, Executive Vice Chairman of Singapore Gulf Bank, stated, "This collaboration is a major step forward for digital banking in the Gulf Cooperation Council and further strengthens our position as the financial bridge between Asia and the Gulf." He emphasized that joining J.P. Morgan's global network offers clients a convenient route for USD clearing with the required speed, certainty, and security.
From J.P. Morgan's perspective, Nawaf Humood, Executive Director of Financial Institution Group Sales at J.P. Morgan Payments, noted the partnership underscores SGB's growing position as a leading digital bank and reflects Bahrain's support for financial innovation. The integration of Wire 365 into SGB's internal network, SGB Net, creates an omnichannel structure for continuous settlement across global markets.
The deal is positioned to strengthen Asia-GCC cross-border payment and liquidity corridors, supporting corporates with rising trade activity. Backed by Whampoa Group and Bahrain's Mumtalakat, SGB leverages J.P. Morgan's global processing network, which operates across 160 countries, to scale its global payments strategy and compete with established international institutions.
