Singaporean bank Gulf Bank will raise funds and buy payment firm Stablecoin

Singapore’s Gulf Bank is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payments company next year, according to people with direct knowledge of the matter.

The startup bank, founded by Singaporean family office Whampoa Group and licensed in Bahrain since February, is in talks with the Middle East sovereign wealth fund and other investors to sell less than a 10% stake by early 2025, the people said, asking not to be identified as the matter is private. .