Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, has announced plans to invest in Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa, a privately-held investment group headquartered in Singapore.
The announcement was made in the presence of Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat and the Co-Chairpersons of the Whampoa Group, Lee Han Shih and Madam Amy Lee.
Mumtalakat’s investment will enable SGB to effectively launch and grow its business in Bahrain and follows SGB’s recent award of a banking licence 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).
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, said a statement.
Serving as a bridge between Asia and the MENA region, SGB 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, 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.”
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. The financial services sector remains a cornerstone of Bahrain’s economy and we are proud to contribute to its development through this investment.”
SGB will support the development of Bahrain’s digital banking ecosystem and will see the Kingdom become 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, the statement added
