Singapore Gulf Bank to Raise Funds, Buy Stablecoin Payments Firm

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

The startup bank, established by Singapore family office Whampoa Groupand 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% by early 2025, the people said, asking not to be identified as the matter is private.

The proceeds will primarily go toward accelerating product development, enhancing the bank’s ...