Bank

Donald Trump

Singapore Gulf Bank is seeking a $50 million funding round next year and plans to buy a stablecoin payments company. 
Licensed in Bahrain since February, the bank was set up by the Singapore family office Whampoa Group. 
According to Bloomberg’s <a href="https://www.bloomberg.com/news/articles/2024-11-25/singapore-gulf-bank-to-raise-funds-buy-stablecoin-payments-firm?utm_content=crypto&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic" rel="nofollow noopener" target="_blank">sources</a>, the bank is in discussions with a Middle Eastern sovereign wealth fund and other investors to sell less than 10% of its equity by early 2025. However, the case is private, and the details remain confidential. 
The sources told Bloomberg that funds raised will go toward developing products, improving the bank’s payment network, and hiring additional staff. 
For the first quarter of next year, it will likely acquire a stablecoin payments company from the Middle East, or Europe. A bank spokesperson declined to comment on acquisition strategy, fundraising, or valuation. 
The expectation of clear regulations under President-elect Donald Trump has been buoying interest in the digital–asset sector. Since Trump’s election on November 5, the value of the cryptocurrency market has risen almost $1 trillion. Experts predict that this optimism should lead to more deal-making in the months ahead. 
<h3 id="stablecoins-are-attracting-more-interest-from-businesses-and-investors">Stablecoins are attracting more interest from businesses and investors</h3> 
<a href="https://www.cryptopolitan.com/stablecoin-supply-above-2022-peak-new-high/">Stablecoins</a>, whose value is tied to reserves such as cash and bonds, are attracting attention for their faster, cheaper, and more accessible payment solutions than traditional banking systems. The reason for this is that this sector of digital assets is growing into something that appeals more and more to businesses and investors. 
Around the world, many regions are vying to become crypto hubs while striking a balance between investor protection and a favorable home for blockchain companies. Bahrain, Dubai, and Abu Dhabi are leading the charge in the Middle East to attract such businesses. 
Backed by the sovereign wealth fund Bahrain Mumtalakat Holding Co. and the Whampoa Group, Singapore Gulf Bank allows companies to hold both conventional financial and digital assets on the same platform presently. The bank is looking to expand this service to individual customers by the end of the year. 
Crypto firms have historically been locked out of banking services due to worries about the sector’s volatility and scandal. However, the financial centers are swiftly adopting dedicated regulatory frameworks, and the pathway for the sector’s growth is being eased. 
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Singapore Gulf Bank plans stablecoin acquisition after seeking the funding of $50M

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