Singapore Gulf Bank to raise funds, buy stablecoin payments firm

Singapore Gulf Bank is seeking to raise at least US$50 million (S$67.3 million) in a funding round and plans to acquire a stablecoin payments company in 2025, according to people with direct knowledge of the matter.

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The start-up bank, established by Singapore family office Whampoa Group and licensed in Bahrain since February, is in talks with a Middle East sovereign wealth fund and other investors to sell an equity stake of less than 10 per cent by early 2025, the people said, asking not to be identified as the matter is private.

The proceeds will primarily go towards accelerating product development, enhancing the bank's payment network and hiring more staff, the people said. The purchase of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe, they said.