Singapore-based digital bank Singapore Gulf Bank is seeking $50 million in funding as it aims to acquire a stablecoin payments company in 2025.

- The bank plans to sell a 10% stake by early 2025 to raise the funds.

- The funds will be used for product development, payment network upgrades and talent attraction.

- The bank plans to acquire a stablecoin payments company in the Middle East or Europe.

The Middle East accounts for 7.5% of global crypto transactions.