Singapore Gulf Bank plans to acquire a stablecoin payments firm by early 2025, funding the $50 million deal through the sale of 10% of its equity.
Established in 2024 by Singapore’s Whampoa Group and licensed in Bahrain, the bank is targeting Middle Eastern and European firms to strengthen its position in the crypto sector.
The move aligns with the rising adoption of stablecoins and supportive regulatory frameworks in regions like the Gulf and Singapore. These regions are becoming crypto hubs, with institutional interest growing rapidly. The acquisition also follows broader trends in the financial sector, with players like BitGo and OKX expanding their crypto offerings.
Singapore Gulf Bank aims to use the acquisition to enhance its payment network, expand talent, and provide advanced digital payment solutions, solidifying its role in the evolving crypto market. The Monetary Authority of Singapore (MAS) has unveiled a regulatory framework for single-currency stablecoins to enhance transparency and stability in the crypto sector.
Applicable to non-bank issuers of stablecoins pegged to the Singapore dollar or G10 currencies valued above $5 million SGD (~$3,567 USD), the framework mandates compliance with requirements for value stability, capital adequacy, redemption at par, and audit result disclosures.
Issuers that meet these standards can apply for recognition as “MAS-regulated stablecoins,” fostering trust and innovation in Singapore’s digital payment ecosystem.
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