PANews reported on November 25 that according to Bloomberg, people familiar with the matter revealed that Singapore Gulf Bank (SGB), backed by Bahrain sovereign wealth fund Mumtalakat and Singapore Whampoa Group, is seeking to raise at least US$50 million in a round of financing and plans to acquire a stablecoin payment company next year; the bank obtained a license in Bahrain in February this year and is currently in talks with a Middle Eastern sovereign wealth fund and other investors, planning to sell less than 10% of its equity by early 2025; the funds raised this time will be mainly used to accelerate product development, enhance the bank's payment network and recruit more employees; the bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter.