Singapore Gulf Bank plans to acquire a stablecoin payments provider as part of its expansion strategy, aiming to leverage the growing prominence of digital assets. The Bahrain-licensed bank seeks to raise at least $50 million by selling a minority stake, likely below 10%, to Middle Eastern sovereign wealth funds and other investors.
Gulf Bank
The equity raise, expected to conclude in early 2025, will support product enhancements, payment network expansion, and team growth. The acquisition, targeting firms in the Middle East or Europe, is projected for Q1 2025.
Founded by Whampoa Group and backed by Bahrain’s Mumtalakat, the bank serves businesses managing traditional and digital assets, with plans to extend services to individual clients by year-end.
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