May 27, 2024

Mumtalakat And Whampoa Group Invests In Singapore Gulf Bank

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Mumtalakat And Whampoa Group Invests In Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa.
Bahrain Mumtalakat Holding Company (Mumtalakat) and Whampoa Group Invests in Singapore Gulf Bank (SGB)-Image Credit- Mumtalakat

Bahrain Mumtalakat Holding Company (Mumtalakat), the Sovereign Wealth Fund of the Kingdom of Bahrain, alongside its strategic partner Whampoa Group, a privately-held investment group headquartered in Singapore, announced today that Mumtalakat will be investing in Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa.

Industry sources added that this announcement was made in the presence of His Excellency Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat, and the Co-Chairpersons of the Whampoa Group, Mr. Lee Han Shih and Madam Amy Lee. Mumtalakat’s investment will power SGB to effectively launch and grow its business in Bahrain and follows SGB’s recent award of a banking license by the Central Bank of Bahrain (CBB), marking a major milestone in Whampoa’s growth plans and ambitions in the Middle East and North Africa (MENA).

Industry sources further added that through this investment SGB Bank will serve as a bridge between Asia and the MENA region, and it will be fostering financial connectivity and facilitating cross-border trade, particularly in the digital economy. Bahrain’s well-established financial services and innovation hub, fast-growing diversified economy, and strategic location at the heart of the Arabian Gulf make it an ideal destination for SGB.

Aureole Foong, Co-CEO of Singapore Gulf Bank, stated: “SGB is honored to have been trusted with a banking license 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

Commenting on the announcement, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, stated: “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. The financial services sector remains a cornerstone of Bahrain’s economy and we are proud to contribute to its development through this investment.”

Industry sources affirmed that SGB will offer a secure and integrated platform to access and manage conventional and digital assets and financial solutions, including round-the-clock real-time settlement, trading connectivity, custody, and asset management. It serves global investors, innovators, and institutions looking for a differentiated digital banking experience.

SGB will be focussing on aiding the development of Bahrain’s digital banking ecosystem and will foresee the Kingdom becoming the first in the region to allow offshore onboarding of banking clients. It further supports Mumtalakat’s wider efforts to diversify its portfolio and facilitate the continued transformation of Bahrain’s economy.  

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