Gulf Bank Seeks $50 Million Funding For Stablecoin Payment Company Acquisition

According to Odaily, Singapore's Gulf Bank is actively pursuing a funding round of at least $50 million, with plans to acquire a stablecoin payment company next year. The bank, established by the Singaporean family office Whampoa Group, has been operating under a license in Bahrain since February. Currently, Gulf Bank is in discussions with Middle Eastern sovereign wealth funds and other investors, aiming to sell less than 10% of its equity by early 2025. The funds raised are intended to accelerate product development, enhance the bank's payment network, and expand its workforce. Sources indicate that Gulf Bank is planning to acquire a stablecoin payment company in the Middle East or Europe during the first quarter. A spokesperson for the bank declined to comment on the specifics of the funding, valuation, or acquisition plans.