Whampoa Group Private Family Office to Open Digital Bank in Bahrain – Here's the Latest
Singapore-based investment firm Whampoa Group aims to open a digital bank in Bahrain to offer payment and settlement services for crypto firms.
In a recent statement, Whampoa Group said it plans to set up the bank, which will provide banking services as well as the trading, custody, and asset management of digital tokens, by the end of the year, according to a report by Bloomberg.
The government of Bahrain reportedly confirmed the news, with a spokesperson saying that Whampoa Group has received "an in principle approval" from the nation’s central bank for the venture.
The “approval is tentative and a full license will only be granted after all regulatory requirements have been met," the country said.
Whampoa Group's push into the digital asset sector comes at a time when many lenders are wary of working with crypto firms following the recent meltdown that saw some high-profile crypto companies collapse.
In September last year, Whampoa Group announced plans to raise funds for a $50 million crypto-related hedge fund and to allocate $100 million in crypto-focused venture capital investments.
Whampoa Group is a family office with ties to the Lee families, related to Singapore's founding prime minister and prominent business families that co-founded Southeast Asian bank OCBC in addition to other companies, through co-founders Amy Lee and Lee Han Shih.
Bahrain, situated between Qatar and the northeastern coast of Saudi Arabia, is an island country and the smallest Arab state.
In 2018, the country received a $10 billion aid package from Gulf neighbors Saudi Arabia, Kuwait, and the United Arab Emirates to help it avoid a credit crunch in a deal tied to fiscal reform.
Countries like Dubai, Bahrain, Singapore, and Hong Kong are
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