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Mumtalakat funds Singapore Gulf Bank to expand footprint in Bahrain

By Gloria Mathias

March 01, 2024

  • Digital Banking
  • Financial Services
  • Fintech news

Mumtalakat, Fintech News, Fintech Solutions, Kingdom of Bahrain, Financial Services, Whampoa Group, Singapore Gulf Bank, Fintech news Singapore, Fintech News APAC, FinTech news, Digital Banking, Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, alongside its strategic partner Whampoa Group, a privately held investment group headquartered in Singapore, has announced that Mumtalakat will be investing in Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa.

Mumtalakat’s investment will enable SGB to effectively launch and grow its business in Bahrain marking a major milestone in Whampoa’s growth plans and ambitions in the Middle East and North Africa (MENA).

SGB will offer a secure and integrated platform to access and manage conventional and digital assets and financial solutions, including round-the-clock real-time settlement, trading connectivity, custody, and asset management. It serves global investors, innovators, and institutions looking for a differentiated digital banking experience.

Serving as a bridge between Asia and the MENA region, SGB will foster financial connectivity and facilitate cross-border trade, particularly in the digital economy. Bahrain’s financial services and innovation hub, fast-growing diversified economy, and strategic location at the heart of the Arabian Gulf make it an ideal destination for SGB.

Aureole Foong, Co-CEO of Singapore Gulf Bank, said, “SGB is honoured to have been trusted with a banking licence by the Central Bank of Bahrain and to mark this important achievement with a demonstration of strong support and commitment from such a prestigious investor as Mumtalakat. With this partnership, we are dedicated to working closely with CBB and the broader Team Bahrain

Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said, “Mumtalakat is excited to be partnering with Whampoa Group to launch and grow SGB in the MENA region. 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. The financial services sector remains a cornerstone of Bahrain’s economy and we are proud to contribute to its development through this investment.”

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