Singapore Gulf Bank, backed by Bahrain’s Mumtalakat Sovereign Wealth Fund and Singapore’s Whampoa Group, is setting its sights on ambitious goals for 2025.
With plans to raise at least $50 million in funding and acquire a stablecoin payment company, the bank is positioning itself to play a key role in the future of finance. Read on for what’s next.
After securing a license in Bahrain earlier this year, Singapore Gulf Bank is in talks with a Middle Eastern sovereign wealth fund and other potential investors. By early 2025, the bank plans to sell less than 10% of its equity. The funds will be used to boost product development, expand its payment network, and bring in new talent.
This fundraising round shows the bank’s dedication to merging traditional banking with digital assets. With a strong focus on innovation, the bank aims to stay ahead in a competitive market where digital finance is growing quickly.
As part of its growth plan, Singapore Gulf Bank intends to acquire a stablecoin payment company based in either the Middle East or Europe by the first quarter of 2025. Stablecoins, which are pegged to regular currencies like the U.S. dollar, are gaining popularity because they make payments faster and cheaper than traditional methods.
This move will help the bank improve its payment options, making it easier for customers to handle global transactions.
The bank’s plans come as the crypto market continues to grow. Since early November, the market has gained $1 trillion, partly due to hopes for better regulations in the U.S. under President-elect Donald Trump.
Currently, Singapore Gulf Bank allows businesses to manage both traditional and digital assets on one platform. By the end of this year, it plans to offer these services to individuals as well, simplifying financial management for a wider range of customers.
Experts believe this positive momentum will lead to more deals and investments in the coming months.
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