According to Bloomberg, Gulf Bank, supported by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Hutchison Group, is seeking to raise at least $50 million in a new round of financing and plans to acquire a stablecoin payment company next year. The bank obtained a license in Bahrain in February of 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 equity before early 2025. The funds raised will primarily be used to accelerate product development, enhance the bank's payment network, and hire more staff.