Manama, May 18 (BNA): The Bahrain Economic Development Board announced that the Singapore-based Whampoa Group has chosen Bahrain as the headquarters for its new digital bank.
The launch will be at the end of 2023, and the digital bank aims to provide safe and integrated financial solutions to serve institutions, innovators and seasoned investors worldwide, including digital banking services, digital asset trading, custody and asset management; With the ultimate goal of supporting the growing adoption of digital assets across the world.
“We are pleased that the Whampoa Group intends to headquarter its new digital bank in Bahrain as it will benefit from Bahrain’s supportive environment for innovation and forward-looking regulatory framework. Establishing these types of institutions is vital to further strengthening the existing digital asset industry,” said Khalid Humaidan, CEO of the Economic Development Board. This notable opportunity is directly in line with Bahrain’s economic recovery plan, which prioritizes digitization across the financial services sector.
“We have been impressed by Bahrain’s strong reputation in the financial services sector, transparent regulatory framework, and continuous pledge of collaboration and innovation. We are committed to providing secure and innovative digital financial solutions in line with global best practices, and we are confident that our digital bank will set a new benchmark for the industry.” Whampoa is grateful For the support from the Bahrain Economic Development Board and the wider ecosystem of Team Bahrain throughout the entire process.” Commented Sean Chan, CEO of Whampoa Group.
Bahrain, a leading hub for digital asset regulation among the GCC countries, was among the first to issue crypto-asset licenses in the region, cementing its position as a leading hub for crypto services and fintech innovations in the region.
The Kingdom’s well-established financial services and innovation hub, rapidly growing diversified economy, and strategic location in the heart of the Arabian Gulf make it an ideal destination for the new digital bank.
Bahrain’s financial services sector, which contributes 17.5% to the GDP, remains the largest contributor to the economy overtaking oil and effectively supporting economic diversification.
The Bahrain Economic Development Board focuses on many economic sectors that benefit from Bahrain’s competitive advantages and provide great investment opportunities. These sectors include financial services, manufacturing, logistics, information and communication technology, and tourism.
MI