Singapore Gulf Bank, a newly established financial institution, is looking to raise at least $50 million to pursue its expansion plans, according to a recent report.
A Vision for the Future
Licensed in Bahrain earlier this year, Singapore Gulf Bank aims to merge traditional finance with cryptocurrency on a unified platform. The bank plans to offer a comprehensive range of services to both traditional and crypto-savvy customers by the end of 2024.
Stablecoin Acquisition Strategy
A key aspect of Singapore Gulf Bank's strategy for 2025 is acquiring a stablecoin payments company to provide global, fast, and cheap payment solutions. The acquisition is planned for the first quarter of 2025, focusing on firms based in the Middle East or Europe.
Middle East as a Crypto Hub
The Middle East has emerged as a leading region for the adoption of digital assets like stablecoins. Bahrain, Dubai, and Abu Dhabi are aggressively positioning themselves as hubs for cryptocurrency innovation and investment. Bahrain's regulatory framework for stablecoins has made it an attractive destination for crypto businesses.
Backed by Mumtalakat and Whampoa Group, Singapore Gulf Bank seeks to not only strengthen its market position but also lead in integrating traditional and digital financial services.
