Singapore Gulf Bank seeks to raise at least $50 million and plans to acquire a stablecoin payment company next year

2024-11-25 15:34:44

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ChainCatcher news, according to Bloomberg, informed sources revealed that Singapore's Gulf Bank is seeking to raise at least $50 million and plans to acquire a stablecoin payment company next year.

This startup bank was founded by Singapore's family office Whampoa Group and has been licensed in Bahrain since February. The bank is currently in negotiations with Middle Eastern sovereign wealth funds and other investors, planning to sell less than 10% of its equity before early 2025.

Informed sources stated that the proceeds will primarily be used to accelerate product development, enhance the bank's payment network, and hire more staff. They mentioned that Gulf Bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter. A bank spokesperson declined to comment on the financing, valuation, or acquisition plans.

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