Bahrain’s sovereign wealth fund to invest in Singapore Gulf Bank

BAHRAIN’S sovereign wealth fund Mumtalakat is investing in Whampoa Group’s Singapore Gulf Bank (SGB).

The funding will allow SGB to launch and develop its enterprise in Bahrain, stated Mumtalakat and Whampoa Group on Thursday (Feb 29).  

They added that SGB’s assist in the direction of the event of Bahrain’s banking ecosystem would make the nation the primary within the area to permit offshore onboarding of banking purchasers.

Backed and based by Singapore household workplace Whampoa Group, SGB seems to foster monetary connectivity and facilitate cross-border commerce between Asia and the Middle East and North Africa through its digital platform. 

The announcement of Mumtalakat’s funding comes after SGB was awarded a banking licence by the central financial institution of Bahrain. 

It plans to launch digital banking providers to international prospects in early 2024, together with round the clock settlement, custody of and connectivity to digital property, in addition to asset administration.

Aureole Foong, co-chief govt of SGB, stated the financial institution and Mumtalakat intend to work carefully with Bahrain’s central financial institution and the “broader team Bahrain” to drive innovation within the monetary providers trade, whereas additionally fostering international monetary connectivity. 

Highlighting the monetary providers sector as a “cornerstone” of Bahrain’s financial system, Mumtalakat chief govt Shaikh Abdulla bin 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.”