Singapore Gulf Bank has announced the appointment of Richard Clarida, former Vice Chair of the US Federal Reserve, to its newly formed Global Advisory Board. The move marks a significant step for the bank as it seeks to strengthen its global strategy and expand its influence in international finance.
The bank revealed the news on Tuesday, highlighting Clarida’s extensive experience in monetary policy and global economics. Clarida served as Vice Chair of the Federal Reserve from 2018 to 2022, playing a key role in shaping US monetary policy during economic uncertainty. His expertise is expected to provide valuable insights as Singapore Gulf Bank navigates evolving financial markets.
The Global Advisory Board will guide the bank’s leadership on international regulatory trends, risk management, and emerging opportunities in digital finance. The board’s formation comes from Singapore Gulf Bank, a cross-border banking and digital asset services leader, aiming to attract clients across Asia, the Middle East, and beyond.
In a statement, Clarida expressed his enthusiasm for the new role, noting the importance of robust governance and innovation in the rapidly changing financial sector. “I look forward to working with Singapore Gulf Bank’s leadership to help drive responsible growth and innovation,” he said.
The Bank is increasing its digital banking and blockchain investments to support Singapore’s fintech development. The bank’s leadership anticipates that a new advisory board will keep them ahead of regulatory and technological changes. This move comes after several high-profile hires, demonstrating their commitment to building a top-tier team for global finance challenges.
Notably, Singapore Gulf Bank plans to secure at least $50 million this year by selling up to 10% of its equity. The primary uses for this capital include acquiring a stablecoin payments company, potentially based in the Middle East or Europe, and funding growth strategies such as product development and payment network expansion. This fundraising effort was initiated in November 2024.
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