Stablecoin

Bank

2024

Raise

Singapore Gulf Bank, a digital-focused bank licensed in Bahrain, is reportedly aiming to secure at least $50 million (RM222.9 million) through an equity funding round. 
According to sources familiar with the matter, the bank also plans to acquire a stablecoin payments company in 2024 as part of its growth strategy. 
The bank, launched by Singapore’s Whampoa Group family office and operational since February, is in discussions with a Middle East sovereign wealth fund and other investors. 
The proposed deal involves selling a minority stake of under 10% by early 2025. The funds will be used to boost the bank’s product offerings, expand its payment network, and scale its workforce, insiders revealed, requesting anonymity due to the confidential nature of the talks. 
A spokesperson for Singapore Gulf Bank declined to comment on specifics regarding the funding, valuation, or acquisition plans. However, sources noted that the acquisition of a stablecoin payments firm is anticipated in the first quarter, targeting opportunities in the Middle East or Europe. 
It is worth noting that Singapore Gulf Bank stands out by offering a unified platform for managing traditional and digital financial assets. While currently focused on corporate clients, the bank plans to extend its services to individual customers by the end of this year. Its backing includes investments from Bahrain Mumtalakat Holding Co, a sovereign wealth fund, and Singapore’s Whampoa Group. 
The bank’s move into stablecoins aligns with broader optimism about the digital asset sector, fueled by improving market conditions and regulatory progress. 
Despite the crypto industry’s past challenges in accessing mainstream banking, the emergence of dedicated rulebooks in financial centers worldwide is creating new opportunities for growth and collaboration. 
The post <a href="https://www.unlock-bc.com/133178/singapore-gulf-bank-to-raise-50m-and-acquire-stablecoin-payments-firm/">Singapore Gulf Bank to Raise $50M and Acquire Stablecoin Payments Firm</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Singapore Gulf Bank to Raise $50M and Acquire Stablecoin Payments Firm

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