Singapore’s Whampoa Group to set up new digital bank HQ in Bahrain

Singapore’s Whampoa Group, a multi-family office with investments in global tech firms, will set up the headquarters of its new digital bank in Bahrain, the Gulf state’s Economic Development Board (EDB) said on Thursday.

The bank aims to launch at the end of this year, the EDB said.

Bahrain is a small oil producer which in 2018 received a $10 billion aid package from Gulf neighbors Saudi Arabia, Kuwait, and the UAE to help it avoid a credit crunch in a deal tied to fiscal reform.

The island state has been actively trying to expand its fintech and finance industry to diversify and strengthen its non-oil economy.

“We were impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate,” Whampoa Group CEO Shawn Chan said.