Singapore Gulf Bank plans to raise $50M to buy stablecoin

Singapore Gulf Bank Seeks $50 Million in funding to expand and acquire a stablecoin payment company by next year. This strategic move reverts the bank’s focus on expanding its services and ambulatory it. It has positioned itself in the growing digital finance market.

The bank is run by Singapore’s Whampoa Group and licensed in Bahrain. Which has plans to sell up to 10% of its equity to raise the necessary funds to accomplish its goal. The investors include a major Middle Eastern sovereign wealth fund. They are going to finalize the deal. As a result, the equity sale is expected to be concluded by early 2025.

As per reports by Bloomberg,“The process will go close to intensifying product development, effective networks for bank payments, and hiring more staff”.

In the past, Singapore Gulf Bank has launched crypto-compatible banking services for the corporate market. SGB offered broad digital banking services to corporate customers in the digital economy to administrate their traditional financial and digital assets on a single platform. Global clients can be on board through SGB’s remote digital onboarding solutions. SGB has protracted its digital banking services to its particular clients. 

As the crypto business has struggled in the past in the banking sector, SGB expansion plans flash determination in the stablecoin market for immense in the digital economy.