Singapore Gulf Bank is set to acquire a stablecoin payments firm early next year, making it the first in Asia to offer stablecoin payment services by 2025. To raise $50 million, the bank plans to sell 10% of its equity. Established by Singapore's Whampoa Group in February 2024 and licensed in Bahrain, the bank aims to lead in digital payments and stablecoins. The acquisition will bolster the bank's position in the crypto and blockchain industry amidst the rising global adoption of digital currencies. Singapore Gulf Bank is in talks with investors to secure funds for the purchase and expansion plans, focusing on the Middle East and Europe. Stablecoins are gaining traction due to their stability and transparency, attracting institutional investors globally. The Middle East and North Africa region is emerging as a significant player in the crypto space, with regulatory frameworks in Bahrain, UAE, and Singapore supporting crypto innovation. Singapore Gulf Bank's strategic move aligns with the growing trend towards digital finance and stablecoin solutions. Read more AI-generated news on: https://app.chaingpt.org/news