Singapore Gulf Bank is planning to raise $50 million to support its strategic initiatives, including the improvement of its financial services and expansion of its offerings in the digital payments landscape.

The bank is also looking to acquire a stablecoin payments firm, which would help it establish a strong presence in the growing market for digital currencies. This acquisition is in line with the bank's objective to innovate and provide more advanced payment solutions to its clients.

These developments reflect the broader trend of traditional financial institutions adapting to the changing dynamics of the financial sector, particularly in the areas of digital transactions and cryptocurrencies.