Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, has unveiled its strategic investment plans in Singapore Gulf Bank (SGB), a pioneering digital bank established by Whampoa, a privately-held investment group based in Singapore. The landmark announcement was made in the presence of Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat, alongside Whampoa Group’s Co-Chairpersons, Lee Han Shih and Madam Amy Lee.
Mumtalakat’s investment infusion is poised to empower SGB’s entry and expansion into the Bahraini market, following the recent acquisition of a banking license from the Central Bank of Bahrain (CBB). This pivotal move marks a significant milestone in Whampoa’s strategic ambitions to expand its footprint across the Middle East and North Africa (MENA) region.
SGB, the brainchild of Whampoa, is slated to provide an advanced platform catering to both conventional and digital asset management, offering round-the-clock real-time settlement, trading connectivity, and custody services. Aureole Foong, Co-CEO of Singapore Gulf Bank, expressed gratitude for Mumtalakat’s substantial backing, highlighting the bank’s commitment to fostering financial innovation and global connectivity in collaboration with Bahrain’s regulatory authorities and the broader economic ecosystem.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, echoed sentiments of enthusiasm, emphasizing the investment’s role in driving Bahrain’s financial sector forward and nurturing the transformative potential of digital banking. As Bahrain emerges as a thriving financial services hub, the partnership between Mumtalakat and Whampoa Group underscores a shared commitment to innovation and economic progress in the region.
