Techub News reported that Bloomberg cited people familiar with the matter as saying that Singapore's Gulf Bank is seeking to raise at least $50 million and plans to acquire a stablecoin payment company in the first quarter of next year.

The bank was founded by Singapore's family wealth management company Whampoa Group and obtained a license in Bahrain in February this year. The bank is currently in talks with Middle Eastern sovereign wealth funds and other investors and plans to sell less than 10% of its equity by early 2025.