Singapore Gulf Bank seeks $50M to fund stablecoin firm acquisition

Singapore Gulf Bank looks to sell equity stake to fund product expansion and a 2025 stablecoin payments acquisition.

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.

On Nov. 25, Bloomberg reported that Singapore Gulf Bank was willing 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 is run by the Whampoa Group, a family office based in Singapore, which was recently awarded operational license approval in Bahrain.

Speaking to Cointelegraph, a Singapore Gulf Bank spokesperson denied commenting on the rumor, stating its company’s “policy of not discussing ongoing strategic initiatives.”