Singapore Gulf Bank revamps leadership with CFO and COO appointments

By Gloria Mathias

Singapore Gulf Bank (SGB), the digital bank backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group, has announced the appointments of Ali AlShamma as Chief Financial Officer (CFO) and Elaine Leong as Chief Operating Officer (COO).

These strategic hires reinforce SGB’s mission to empower frictionless interaction between digital and traditional finance. The bank is set to launch by November 2024.

Ali AlShamma, with his experience as CFO at both Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia, will steer SGB’s financial strategy and bridge the markets between Asia and the Middle East and North Africa (MENA) region.

As COO, Elaine Leong brings her expertise from GIC and Sygnum to lead SGB’s global operations, enabling a hyper-connected solution that serves a digital-first ecosystem.

Edmund Lee, Founding Chairman of the Board of SGB, stated, “We are pleased to welcome Ali and Elaine as they join us on our journey to transform how global users access banking services. Together, we will build a financial universe accessible to all.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by robust AML/KYC processes, SGB will serve as the vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the following billion users with access to the future of finance.

SGB is Bahrain’s first fully licensed digital bank, serving global investors, innovators, and institutions. Geared towards the digital economy, SGB facilitates seamless movement between digital and traditional finance and provides financial connectivity between Asia and the Middle East and North Africa (MENA) region.