cryptojournalist
Funding Plan for Expansion
Singapore Gulf Bank, a crypto-friendly digital bank, is looking to raise $50 million to acquire a stablecoin payments firm by early 2025. According to Bloomberg, the bank plans to sell 10% of its equity to secure these funds.
Talks with Investors
The bank, owned by Singapore-based Whampoa Group, is reportedly in discussions with a Middle East sovereign wealth fund and other investors. The raised capital will support product development, expand its payment network, and enhance talent recruitment.
Strategic Acquisition Goals
Sources claim the bank aims to acquire a stablecoin payments company based in the Middle East or Europe by Q1 2025. While the bank declined to confirm these plans, they align with its recent expansion, including gaining an operational license in Bahrain.
Middle East’s Role in Crypto Adoption
The Middle East and North Africa (MENA) region plays a significant role in global cryptocurrency adoption, contributing 7.5% of global crypto transactions. Most transactions in the region involve large institutional trades, with centralized exchanges dominating on-chain activity.
UAE’s Crypto Insurance Initiative
The UAE recently approved a custodial insurance product to protect institutions and clients from losses due to hacks or fraud, reflecting the region’s growing focus on decentralized finance and secure crypto infrastructure.
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