Singapore Gulf Bank aims to raise at least USD50m in a funding round and plans to acquire a stablecoin payments company next year, Bloomberg reported, based on people familiar with the matter. The startup bank, established by Singapore family office Whampoa Group and licensed in Bahrain since February, is in talks with a Middle Eastern sovereign wealth fund and other investors to sell an equity stake of less than 10% by early 2025, the sources said. Proceeds will be used to accelerate product development, enhance the bank's payment network, and expand staff. The acquisition of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe. A spokesperson declined to comment on the fundraising or acquisition plans.