New correspondent banking tie boosts faster, year-round USD clearing for cross-border clients.
Manama, Bahrain, 12 January 2026 – Singapore Gulf Bank has taken a major step in strengthening its global payments capabilities by deepening its strategic relationship with J.P. Morgan. The digital bank has opened a correspondent banking account with J.P. Morgan, giving it direct access to one of the world’s most established US dollar clearing networks. This move is expected to help Singapore Gulf Bank deliver faster, safer, and more efficient cross-border payment services to its growing client base.
The new arrangement supports Singapore Gulf Bank’s vision of building a strong global payments ecosystem. The bank already works with a network of correspondent banks and operates its own real-time settlement platform, SGB Net. By combining traditional international payment systems with advanced digital infrastructure, Singapore Gulf Bank aims to offer clients smoother omnichannel settlement options and better global liquidity management.
At the heart of this expanded partnership is the adoption of J.P. Morgan Payments’ Wire 365 solution. With this step, Singapore Gulf Bank has become one of the first digital banks in the MENA region to use the service. Wire 365 allows US dollar clearing 365 days a year, including weekends and public holidays. Payments can be received and credited in near real time, removing the limitations of traditional banking cut-off times.
This always-on clearing capability is designed to help businesses plan liquidity more effectively. Clients can manage cash flows with greater flexibility, meet payment obligations without delay, and operate more confidently in a global, round-the-clock economy. For companies involved in international trade and finance, the ability to move funds quickly and securely is becoming increasingly important.
Ali Moosa, executive vice chairman of Singapore Gulf Bank, described the collaboration as a milestone for digital banking in the Gulf region. He noted that the partnership strengthens the bank’s role as a financial bridge between Asia and the Gulf. By joining J.P. Morgan’s global network, Singapore Gulf Bank can offer clients a reliable and convenient route for US dollar clearing, ensuring capital moves with the speed and certainty required in today’s financial markets.
Moosa also highlighted that adopting Wire 365 reflects the bank’s commitment to innovation and improving the overall banking experience for its clients. He said the move places Singapore Gulf Bank at the forefront of digital transformation in the financial sector and sets a new benchmark for efficient and dependable US dollar payment processing.
From J.P. Morgan’s side, Nawaf Humood, executive director in the Financial Institution Group Sales at J.P. Morgan Payments, welcomed the collaboration. He said the partnership reflects Singapore Gulf Bank’s growing position as a leading digital bank and also highlights the Kingdom of Bahrain’s focus on encouraging financial innovation.
The agreement was formally signed during a ceremony held at Singapore Gulf Bank’s headquarters in Bahrain. J.P. Morgan Payments is a major global player in transaction banking, delivering treasury services, trade and working capital solutions, as well as card and merchant services. The platform processes more than ten trillion dollars in payments every day across over 160 countries and 120 currencies.
This announcement follows a series of recent developments for Singapore Gulf Bank. In late 2024, the bank launched its corporate banking services, expanding its offerings beyond digital retail solutions. In May 2025, it rolled out SGB Net, a multi-currency real-time clearing network designed to support faster settlements. The bank has also partnered with digital asset infrastructure provider Fireblocks to enhance secure treasury management and digital asset custody services.
With these steps, Singapore Gulf Bank continues to position itself as a modern financial institution focused on speed, security, and global connectivity. The partnership with J.P. Morgan marks another important chapter in its growth story, reinforcing its ambition to serve clients operating across borders with reliable, next-generation payment solutions.
