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by Fintech Information Singapore
March 5, 2024
Bahrain’s sovereign wealth fund Mumtalakat introduced an funding in Singapore Gulf Financial institution (SGB), a brand new digital financial institution based by Whampoa Group.
This funding will assist SGB’s launch and progress in Bahrain, following the financial institution’s latest licensing approval from the Central Financial institution of Bahrain.
SGB will supply a digital banking platform for international traders, establishments, and innovators, offering entry to traditional and digital property, real-time settlements, and asset administration.
The financial institution goals to bridge the hole between Asia and the Center East and North Africa (MENA) area, facilitating cross-border commerce and selling monetary connectivity.
Bahrain’s established monetary hub, rising financial system, and strategic location make it an excellent launchpad for SGB.
The financial institution may even contribute to the event of Bahrain’s digital banking sector and is anticipated to make the nation the primary within the area to permit distant onboarding of banking purchasers.
Mumtalakat’s funding aligns with its technique to diversify its portfolio and assist the transformation of Bahrain’s financial system.
Aureole Foong
Aureole Foong, Co-CEO of Singapore Gulf Financial institution mentioned,
“SGB is honoured to have been trusted with a banking licence by the Central Financial institution of Bahrain, and to mark this vital achievement with an illustration of sturdy assist and dedication from such a prestigious investor as Mumtalakat.
With this partnership, we’re devoted to working carefully with CBB and the broader Workforce Bahrain to drive innovation within the monetary providers trade and foster international monetary connectivity.”
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Government Officer of Mumtalakat mentioned,
“Mumtalakat is happy to be partnering with Whampoa Group to launch and develop SGB within the MENA area.
As we speak’s announcement underscores our dedication to fostering innovation and financial progress in Bahrain and our perception within the transformative potential of digital banking that SGB affords.”
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