BAHRAIN’S sovereign wealth fund Mumtalakat is investing in Whampoa Group’s Singapore Gulf Bank (SGB).
The investment will enable SGB to launch and grow its business in Bahrain, said Mumtalakat and Whampoa Group on Thursday (Feb 29).
They added that SGB’s support for the development of Bahrain’s banking ecosystem would make the country the first in the region to allow offshore onboarding of banking clients.
Backed and founded by private investment company Whampoa Group, SGB looks to foster financial connectivity and facilitate cross-border trade between Asia and the Middle East and North Africa via its digital platform.
The announcement of Mumtalakat’s investment comes after SGB was awarded a banking licence by the central bank of Bahrain.
It plans to launch digital banking services to global customers in early 2024, including round-the-clock settlement, custody of and connectivity to digital assets, as well as asset management.
Aureole Foong, co-chief executive of SGB, said the bank and Mumtalakat intend to work closely with Bahrain’s central bank and the “broader team Bahrain” to drive innovation in the financial services industry, while also fostering global financial connectivity.
Highlighting the financial services sector as a “cornerstone” of Bahrain’s economy, Mumtalakat chief executive Shaikh Abdulla Khalifa Al Khalifa added: “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.”
