According to PANews, sources reveal that Singapore's Gulf Bank (SGB) 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 negotiating 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 recruit more employees. The bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter.