Bahrain's sovereign wealth fund is investing in Singapore Gulf Bank, a digital banking arm of Whampoa Group.
Baharain sovereign wealth fund Mumtalakat is investing in Singapore Gulf Bank (SGB), according to a statement. The investment will allow SGB to launch and grow its business in the Middle Eastern country.
The investment follows SGB’s obtainment of a banking license from the Central Bank of Bahrain. The digital bank also recently named ex-J.P. Morgan bankers Edmund Lee and Ali Moosa as chairman and vice chairman, respectively.
Banking Proposition
SGB plans to launch its digital banking services to global customers in early 2024 with an offering that includes round-the-clock settlement, digital asset custody and connectivity as well as asset management. It will also be the first player in the region to allow offshore onboarding of banking clients.
SGB is an arm of Whampoa Group, a multi-family office headquartered in Singapore. Its founders include renowned figures from the city-state including Amy Lee, niece of the late Lee Kuan Yew, as well as Lee Han Shih, member of the OCBC banking family.
