Singapore Gulf Bank is seeking to raise at least $50 million to fund its acquisition of a stablecoin payments company in 2025. The bank plans to sell a 10% equity stake by early 2025 to secure the necessary funds. The initiative is part of the bank's strategy to expand its product offerings and enhance its payment network. Currently, the bank is in discussions with a Middle East sovereign wealth fund and other investors for this equity sale. The acquisition of the stablecoin payments firm is expected to take place by the first quarter of 2025, focusing on firms located in the Middle East or Europe. The initiative comes at a time when there is notable interest in decentralized platforms in the region, along with significant transaction activity primarily through centralized exchanges. Recent reports highlight a strong transaction volume within the Middle East and North Africa (MENA) region, with a majority of transactions exceeding $10,000, emphasizing the emerging investment landscape in Web3 and digital assets.

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