TechFlow news, November 25 — According to Bloomberg, Singapore Gulf Bank (SGB), backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Whampoa Group, is planning a new round of fundraising. Sources indicated the bank aims to raise at least $50 million and intends to acquire a stablecoin payments firm in the Middle East or Europe during the first quarter of 2025.
The bank obtained its license in Bahrain in February this year and is currently in talks with investors, including a Middle Eastern sovereign wealth fund, to sell less than 10% of its equity before early 2025. The funds raised will primarily support accelerating product development, expanding payment networks, and hiring talent.
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