Singapore Gulf Bank ( SGB ), a fully licensed digital bank regulated by the Central Bank of Bahrain, has opened a correspondent banking account with J.P. Morgan, granting it direct access to an established USD clearing network.

The Manama-based bank says the move enhances its ability to deliver seamless, secure, and efficient cross-border payment services to clients.

The collaboration fortifies SGB’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, the bank says it gains more comprehensive omnichannel settlement capabilities, allowing clients to manage global liquidity more effectively.

SGB has become one of the first digital banks in the MENA region to implement J.P. Morgan Payments’ Wire 365 solution. The service enables USD clearing 365 days a year, providing uninterrupted, near real-time access to cross-border payments.

With Wire 365, SGB can now receive and credit clients’ incoming funds over weekends and public holidays, significantly enhancing service availability and convenience. 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.

“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,” says SGB executive vice chairman Ali Moosa.

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 US$10 trillion in payments daily, operating in over 160 countries and over 120 currencies.

SGB provides banking, digital asset management, and stablecoin settlement services for businesses and individuals worldwide. It is backed by Whampoa Group, a Singapore-based investment holding company, and Mumtalakat, Bahrain’s sovereign wealth fund.