Singapore Gulf Bank Plans Major Push into Stablecoins with $50M Funding

Singapore Gulf Bank, a digital-forward financial institution backed by the Singapore-based Whampoa Group and Bahrain Mumtalakat Holding Co., is preparing to raise $50 million in early 2025.

The bank is reportedly in talks with a Middle Eastern sovereign wealth fund and additional investors to sell less than 10% of its equity, with the funds earmarked for enhancing its product offerings, bolstering its payment network, and expanding its workforce.

In a move signaling its ambitions in the digital payments space, the bank plans to acquire a stablecoin payments company from either the Middle East or Europe by the first quarter of 2024. While specific details on the acquisition remain undisclosed, the strategy reflects growing interest in stablecoins as fast, cost-effective payment solutions gaining traction with businesses and investors worldwide.

The bank has positioned itself as a pioneer in integrating traditional and digital financial services, currently offering corporate clients the ability to manage both asset types on a unified platform. By the end of 2024, this service will expand to individual customers, underscoring its commitment to innovation and accessibility.

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This development comes as optimism around digital assets surges following Donald Trump’s re-election. Since his victory, the cryptocurrency market has grown by nearly $1 trillion, fueling confidence in regulatory clarity and prompting more deal-making in the sector. With Bahrain and other Middle Eastern hubs like Dubai and Abu Dhabi adopting crypto-friendly policies, Singapore Gulf Bank appears poised to capitalize on the region’s drive to lead the blockchain revolution.

Alexander Zdravkov