Singapore-based private family office Whampoa Group will be establishing the headquarters of its new digital bank in Bahrain according to the Bahrain Economic Development Board (Bahrain EDB).
With an intended launch date of end of 2023, the digital bank aims to provide integrated financial solutions to serve institutions, innovators, and investors globally, including digital banking services as well as the trading, custody, and asset management of digital assets.
Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board said,
“We are delighted that Whampoa Group intends to set up the headquarters of their new digital bank in Bahrain as they would benefit from Bahrain’s pro-innovation environment and forward-looking regulatory framework.
The establishment of these types of institutions are vital to further strengthen the existing digital assets industry and this milestone opportunity directly aligns with Bahrain’s Economic Recovery Plan, which prioritises digitisation across the financial services sector.”
Shawn Chan, Group Chief Executive Officer of Whampoa Group said,
“We were impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate.
We are committed to providing secure and innovative digital financial solutions in line with global best practices and are confident that our digital bank will set a new benchmark for the industry.”
Featured image credit: Edited from Freepik
