Mumtalakat Funds Singapore Gulf Bank to Expand Presence in Bahrain

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Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, has announced a strategic investment in Singapore Gulf Bank (SGB), a new digital bank backed and founded by Whampoa Group, headquartered in Singapore.

Mumtalakat investment in SGB will facilitate the effective launch and growth of the digital bank in Bahrain, marking a significant milestone in Whampoa’s growth plans and ambitions in the Middle East and North Africa (MENA) region.

SGB aims to provide a secure and integrated platform for accessing and managing conventional and digital assets and financial solutions. These services include round-the-clock real-time settlement, trading connectivity, custody, and asset management, catering to global investors, innovators, and institutions seeking a differentiated digital banking experience.

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

Aureole Foong, Co-CEO of Singapore Gulf Bank, expressed gratitude for being entrusted with a banking license by the Central Bank of Bahrain and highlighted the importance of strong support and commitment from prestigious investors like Mumtalakat.

Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, emphasized the excitement of partnering with Whampoa Group to launch and expand SGB in the MENA region. He underlined Mumtalakat’s commitment to fostering innovation and economic growth in Bahrain and its belief in the transformative potential of digital banking offered by SGB. Al Khalifa further emphasized that the financial services sector remains a cornerstone of Bahrain’s economy, and Mumtalakat is proud to contribute to its development through this investment.