According to TechFlow, on November 25, Bloomberg reported that Singapore Gulf Bank (SGB), which is supported by Bahrain sovereign wealth fund Mumtalakat and Singapore Whampoa Group, is planning a new round of financing. People familiar with the matter revealed that the bank plans to raise at least US$50 million and intends to acquire a Middle Eastern or European stablecoin payment company in the first quarter of 2025.

The bank obtained a Bahrain license in February this year and is currently negotiating with investors such as a Middle Eastern sovereign wealth fund to sell less than 10% of its equity by early 2025. This round of financing will mainly be used to accelerate product development, expand payment networks and recruit talents.