Singapore Gulf Bank Reportedly Seeks $50M Fund Injection to Acquire Stablecoin Payments Company in 2025

The crypto-friendly digital bank Singapore Gulf Bank is reportedly looking for a fund injection of at least $50 million as it plans to acquire a stablecoin payments company in 2025.

Singapore Gulf Bank, a crypto-friendly digital bank, is reportedly seeking a fund injection of at least $50 million. The bank plans to use the funds to acquire a stablecoin payments company in 2025.

According to Bloomberg on Nov. 25, Singapore Gulf Bank is looking to sell 10% of its equity by early 2025 to raise funds for an acquisition, citing anonymous people with direct knowledge of the matter.

The bank, owned by the Singapore-based family office Whampoa Group, recently received approval for its operational license in Bahrain.

When contacted by Cointelegraph, a Singapore Gulf Bank spokesperson declined to comment on the rumor, citing its company’s “policy of not discussing ongoing strategic initiatives.”

Giving up equity for business expansion

The sources added that Singapore Gulf Bank is in talks with a Middle East sovereign wealth fund and other investors to sell the equity stake.

The funds will be used to accelerate product development, enhancing the bank’s payment network and talent acquisition. The bank also plans to purchase a stablecoin payments firm in the Middle East or Europe by Q1 202sq5, the report said.

Investors from Bahrain, Dubai and Abu Dhabi are currently the most active in the Web3 ecosystem in the Middle East.

A Chainalysis report from September stated that the Middle East and North Africa (MENA) region accounts for 7.5% of all cryptocurrency transactions globally.

Middle East’s contribution to global crypto adoption

The report noted that about 93% of transactions were for $10,000 or more — contrasting sharply with small retail investors, who account for 1.8% of all transaction volume in the region.

Onchain traffic in the region was mainly conducted through centralized exchanges. However, the report highlighted the United Arab Emirates and Saudi Arabia’s “high interest” in decentralized platforms.

Recently, the Central Bank of the United Arab Emirates approved a custodial insurance product to protect financial institutions and their clients from losses due to hacks, internal fraud and damage to storage infrastructure.