✨ Singapore Gulf Bank Enters the Stablecoin Market
posted 25 Nov 2024
Singapore Gulf Bank is preparing to acquire a company specializing in stablecoin payments. To fund the acquisition, the bank aims to raise at least $50 million in a new financing round. The deal is expected to close by early 2025.
The bank is in discussions with a Middle Eastern sovereign wealth fund and other investors to sell up to a 10% equity stake.
Proceeds from the share sale will reportedly be allocated to enhancing the bank's payment infrastructure, accelerating product development, and expanding its workforce.
Although a representative of the bank declined to comment on the fundraising or the potential acquisition, a source revealed that the bank is considering payment systems specializing in stablecoins, either based in the Middle East or in Europe.
Singapore Gulf Bank currently allows corporate clients to manage both traditional and digital assets on a unified platform. By the end of 2024, the bank plans to extend these services to individual customers.
The bank markets itself as a trailblazer in integrating traditional banking with digital financial solutions.
The news was reported by Bloomberg, citing an anonymous source familiar with the situation.
Singapore Gulf Bank Targets the Stablecoin Market. Source: Bloomberg
The Singapore Gulf Bank, licensed in Bahrain, is backed by Singapore's Whampoa Group and Bahrain Mumtalakat Holding Co.
The bank is in discussions with a Middle Eastern sovereign wealth fund and other investors to sell up to a 10% equity stake.
Proceeds from the share sale will reportedly be allocated to enhancing the bank's payment infrastructure, accelerating product development, and expanding its workforce.
Although a representative of the bank declined to comment on the fundraising or the potential acquisition, a source revealed that the bank is considering payment systems specializing in stablecoins, either based in the Middle East or in Europe.
Singapore Gulf Bank currently allows corporate clients to manage both traditional and digital assets on a unified platform. By the end of 2024, the bank plans to extend these services to individual customers.
The bank markets itself as a trailblazer in integrating traditional banking with digital financial solutions.
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