Bahrain Selected To Be Headquarters of Singaporean Digital Bank

The Bahrain Economic Development Board (Bahrain EDB) announced that the Whampoa Group, a Singapore-based family office, plans to open the headquarters of its new digital bank in Bahrain. 

According to a press release by Bahrain EDB, Whampoa’s digital bank targets to offer integrated and secure financial solutions to serve investors, innovators, and institutions around the world. The digital bank is expected to be finished and launched by the end of 2023. 

It will also work on digital asset management, trading, and custody with the aim of supporting the increasing adoption of digital assets. 

In this regard, Chief Executive of the Bahrain Economic Development Board Khalid Humaidan expressed his happiness for Whampoa Group’s selection of Bahrain as the headquarters of their new digital bank because they would make use of the Kingdom’s pro-innovation environment and forward-looking regulatory framework.

Humadian noted that opening such institutions in the Kingdom would promote the existing digital assets industry and aligns with Bahrain’s Economic Recovery Plan. 

Meanwhile, Group Chief Executive Officer of Whampoa Group Shawn Chan said: “We were impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate. We are committed to providing secure and innovative digital financial solutions in line with global best practices and are confident that our digital bank will set a new benchmark for the industry. Whampoa is grateful for the support from the Bahrain EDB and the broader Team Bahrain ecosystem throughout the entire process.” 

Earlier in March, the Central Bank of Bahrain (CBB) announced new amendments to its crypto-asset module after consultations with industry stakeholders.

The new amendments aim to cope with the continuous developments in the crypto scene to comply with the industry’s best practices alongside boosting investors’ protection, according to a statement by the Bahraini central bank. The bank’s move comes as a part of its plan to develop the crypto-assets market in line with the Kingdom’s Economic Recovery Plan.