Singaporean family office to set up digital bank in Bahrain

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Whampoa Group, a Singapore-based family office, plans to open a digital bank in Bahrain, the Kingdom’s economic development agency Said The group plans to open a bank by the end of the year, aiming for a global customer base.

The bank provides trading, custody and management of digital assets within its digital banking services.According to Bloomberg, the central bank of Bahrain accept Banks are “approved in principle” until all requirements are met.

Whampoa Group owns two prominent Lee families in Singapore, including Amy Lee, niece of Singaporean politician Lee Kuan Yew, and Lee Hansi of Singapore multimedia conglomerate Potato Productions. have something to do with

Whampoa Digital was founded in 2021, according to its LinkedIn page. I participated Invested in a $500 million investment fund established in June 2022 by Binance Labs, the venture capital arm of a cryptocurrency exchange. In September announced Established its own $100 million venture capital fund to support the Web3 startup. He is also an investor in TikTok’s parent company, ByteDance.

Related: OpenNode Sets Up BTC Payment Infrastructure in Bank of Bahrain’s Regulatory Sandbox

A Chainalysis report released in October found the Middle East and North Africa region to be the fastest growing cryptocurrency market in the world. Sean Chan, CEO of Whampoa Group, said the company chose Kingdom for this initiative because of “Bahrain’s strong reputation in the financial services sector, its transparent regulatory framework, as well as cooperation and innovation. because of its continued commitment to

Binance obtained a license to operate in Bahrain in March 2022, and local payment platform EasyPay partnered with Binance Pay in October to enable the use of cryptocurrencies at more than 5,000 points of sale in the country. Bahrain is also home to the Shariah-compliant cryptocurrency exchange CoinMENA.

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