Singapore Gulf Bank (SGB) has strengthened its partnership with J.P. Morgan by joining its USD clearing network and implementing the Wire 365 service. This move allows SGB to provide uninterrupted, near real-time cross-border payment services, enhancing its clients’ ability to manage global liquidity effectively.
The collaboration marks a significant advancement for digital banking in the Middle East and North Africa (MENA) region. By integrating J.P. Morgan’s Wire 365 solution, SGB can now process USD transactions every day of the year, including weekends and public holidays. This eliminates traditional cut-off times, offering clients greater flexibility in optimising cash flows and meeting payment obligations efficiently.
Ali Moosa, Executive Vice Chairman of SGB, commented, “This collaboration is a major step forward for digital banking in the Gulf Corporation Council and further strengthens our position as the financial bridge between Asia and the Gulf.” He emphasised that joining J.P. Morgan’s global network ensures clients’ capital moves with the speed, certainty, and security required in today’s global economy.
Nawaf Humood, Executive Director at J.P. Morgan Payments, added, “We are pleased to provide Singapore Gulf Bank with the Wire 365 payment solution. This collaboration highlights SGB’s expanding position as a leading digital bank in the market.”
The partnership was formalised at a signing ceremony in Bahrain, marking another milestone for SGB, which recently launched its corporate banking service and a real-time, multi-currency clearing network. This development underscores SGB’s commitment to innovation and positions it at the forefront of digital transformation in the financial sector.
