Bahrain’s sovereign wealth fund Mumtalakat announced an investment in Singapore Gulf Bank (SGB), a new digital bank founded by Whampoa Group.

This investment will support SGB’s launch and growth in Bahrain, following the bank’s recent licensing approval from the Central Bank of Bahrain.

SGB will offer a digital banking platform for global investors, institutions, and innovators, providing access to conventional and digital assets, real-time settlements, and asset management.

The bank aims to bridge the gap between Asia and the Middle East and North Africa (MENA) region, facilitating cross-border trade and promoting financial connectivity.

Bahrain’s established financial hub, growing economy, and strategic location make it an ideal launchpad for SGB.

The bank will also contribute to the development of Bahrain’s digital banking sector and is expected to make the country the first in the region to allow remote onboarding of banking clients.

Mumtalakat’s investment aligns with its strategy to diversify its portfolio and support the transformation of Bahrain’s economy.

Aureole Foong, Co-CEO of Singapore Gulf Bank said,

“SGB is honoured to have been trusted with a banking licence by the Central Bank of Bahrain, and to mark this important achievement with a demonstration of strong support and commitment from such a prestigious investor as Mumtalakat.

 

With this partnership, we are dedicated to working closely with CBB and the broader Team Bahrain to drive innovation in the financial services industry and foster global financial connectivity.”

His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat said,

“Mumtalakat is excited to be partnering with Whampoa Group to launch and grow SGB in the MENA region.

 

Today’s announcement underscores our commitment to fostering innovation and economic growth in Bahrain and our belief in the transformative potential of digital banking that SGB offers.”

This article first appeared on fintechnews.sg