tl;dr
Singapore Gulf Bank is seeking funds to acquire a stablecoin payments company as part of its expansion plans, while Hong Kong's ZA Bank has launched digital asset trading on its mobile platform. Singapore Gulf Bank is reportedly seeking up to $50 million for the purchase and is considering selling a...
Finance SINGAPORE BANK EYES ACQUISITION; ZA BANK LAUNCHES MOBILE ASSET TRADING
Financial institutions in Asia are gradually embracing digital assets amid stringent regulations, with Singapore Gulf Bank seeking funds to acquire a stablecoin payments company as part of its expansion plans and Hong Kong’s ZA Bank introducing digital asset trading on its mobile platform.
According to a Bloomberg report, the digital bank is seeking up to $50 million to complete the purchase of the stablecoin firm. The report states that the financial institution is willing to sell an equity stake of around 10% to raise funds for the acquisition, with sources hinting at a timeline for 2025.
The Middle East is galloping toward full-scale digital asset adoption, outpacing the trajectory of advanced economies to become a powerhouse in its own right. Buoyed by the United Arab Emirates, Bahrain, and Saudi Arabia, the region has seen investment in digital assets and blockchain technology reach new highs.
Hong Kong-based ZA Bank has made history by becoming the first Asian bank to allow customers to trade digital currencies in its mobile banking app. In a company statement, ZA Bak said users can now trade digital assets on the mobile app without relying on third-party websites or mobile applications.
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” said alternative CEO of ZA Bank, Calvin Ng. “As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading – our key competitive advantage in the Asian market.”
Hong Kong is setting the pace for Web3 in South Asia, growing by leaps and bounds in recent months. After rolling out water-tight regulations for the ecosystem, Hong Kong has since recorded an avalanche of firms seeking to set up regional operations. Its Cyberport initiative currently houses over 250 Web3 firms, including three unicorns, with several foreign startups knocking on the door.