Singapore’s Whampoa Group selects Bahrain as HQ for new digital bank
Singapore-based investment firm Whampoa Group has selected Bahrain to be the headquarters for its new digital bank.
Eyeing a launch date for the end of 2023, the new digital bank aims to support the adoption of digital assets worldwide through the trading, custody and management of digital assets, alongside providing financial solutions to global companies, including digital banking services.
Shawn Chan, CEO of Whampoa Group, says Bahrain’s “solid reputation in the financial services sector, transparent regulatory framework and ongoing pledge to collaborate and innovate” were reasons for choosing to base its new digital bank in the country.
Bahrain was among the first countries in the Gulf Cooperation Council (GCC) to issue crypto-asset licences in the region. The country also claims its financial services sector remains the “highest contributor to the economy” at 17.5% of GDP, surpassing oil.
Khalid Humaidan, chief executive of the Bahrain Economic Development Board, says Whampoa 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,” Humaidan adds.