PANews November 25 news, according to Bloomberg, informed sources revealed that the Singapore Gulf Bank (SGB), supported by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Hutchison Whampoa Group, is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payment company next year; the bank obtained a license in Bahrain in February this year and is currently in discussions with a Middle Eastern sovereign wealth fund and other investors, planning to sell less than 10% of its stake before early 2025; the funds raised will mainly be used to accelerate product development, enhance the bank's payment network, and hire more staff; the bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter.