By the end of 2023, investors in Bahrain should be able to use Whampoa Group’s digital bank.
Singapore’s Whampoa Group, a privately held investment group, has plans to establish a digital bank in the Kingdom of Bahrain.
On May 18th, the news was revealed by the kingdom’s Economic Development Board.
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As reported by Bloomberg, Bahrain’s Central Bank has given its “in principle approval” for this initiative.
According to several reports, by the end of the year, the company aims to have the bank up and running, setting its sights on attracting clients worldwide.
At the heart of its service offerings, the digital bank will provide digital asset trading, custody, and management services. This is in conjunction with a variety of other digital banking services.
Shawn Chan, CEO of Whampoa Group, shed light on why Bahrain was their chosen location for this venture, noting:
Bahrain’s robust standing in the financial services sector, its clear regulatory structure, and its continuing commitment to partnership and innovation.
According to the information on its LinkedIn page, Whampoa Digital was established in 2021. A few months later, in June 2022, it became a participant in a $500 million investment fund created by Binance Labs, the venture capital division of the cryptocurrency exchange.
By September, Whampoa Digital announced the formation of its own $100 million venture capital fund dedicated to supporting Web3 startups. The company has also invested in ByteDance, the parent company of TikTok.
It is worth noting that in March 2022, Binance secured a license to operate in Bahrain. Shortly after, in October, local payment platform EazyPay teamed up with Binance Pay. The partnership allows using cryptocurrencies to pay for goods and services at over 5,000 sales points in the country.