Singapore Gulf Bank (SGB) has opened a correspondent banking account with J.P. Morgan, granting the Bahrain based digital bank direct access to one of the world’s most established United States (US) dollar clearing networks.
The strategic partnership announced on January 12 enhances SGB’s ability to deliver cross border payment services to clients. The bank becomes one of the first digital banks in the Middle East and North Africa (MENA) region to implement J.P. Morgan Payments’ Wire 365 solution.
Wire 365 enables US dollar clearing 365 days a year, providing near real time access to cross border payments. The service allows SGB to receive and credit incoming funds over weekends and public holidays, removing traditional cut off times that previously limited payment processing.
Ali Moosa, executive vice chairman of SGB, described the collaboration as a major step forward for digital banking in the Gulf Cooperation Council (GCC). The partnership strengthens SGB’s position as a financial bridge between Asia and the Gulf, he stated.
The collaboration combines traditional global payment rails with SGB’s advanced infrastructure, including its proprietary real time settlement network called SGB Net. This integration offers clients enhanced omnichannel settlement capabilities and more effective global liquidity management.
Nawaf Humood, executive director of Financial Institution Group Sales at J.P. Morgan Payments, said the collaboration highlights SGB’s expanding position as a leading digital bank and underscores Bahrain’s commitment to supporting innovation.
J.P. Morgan Payments combines treasury services, trade and working capital solutions, and card and merchant services capabilities. The financial services giant typically moves more than $10 trillion in payments daily, operating in over 160 countries and handling transactions in over 120 currencies.
The partnership was formalized during a signing ceremony at SGB’s headquarters in Bahrain. Singapore Gulf Bank is a fully licensed digital bank regulated by the Central Bank of Bahrain (CBB), providing banking, digital asset management and stablecoin settlement services for businesses and individuals worldwide.
The announcement follows several recent milestones for SGB. The bank launched its corporate banking service in late 2024 and introduced SGB Net, its multi currency real time clearing network, in May 2025.
Last month, SGB announced a partnership with digital asset infrastructure provider Fireblocks to support secure treasury management and digital asset custody services.
SGB is backed by Whampoa Group, a Singapore based investment holding company, and Mumtalakat, Bahrain’s sovereign wealth fund. The ownership structure combines private sector expertise with government support to build digital banking infrastructure in the region.
The Wire 365 solution addresses a longstanding challenge in international banking where traditional wire transfer systems operate only during business days. By enabling continuous processing, the service helps clients improve liquidity planning and manage cash flows more flexibly.
Financial institutions including non bank financial institutions (NBFIs) can now process cross border payments any day of the year through the Wire 365 platform, according to J.P. Morgan.
