Kingdom

United

Read

<p class="is-style-lead">Whampoa Group has selected the Kingdom of Bahrain as its intended headquarters to establish a digital bank that would serve crypto companies.&nbsp;</p>



<h2 class="wp-block-heading" id="a-digital-bank-for-digital-asset-firms">A digital bank for digital asset firms</h2>



<p>Whampoa Group&#8217;s digital bank, which is scheduled to launch by the end of 2023, aims to <a href="https://www.bloomberg.com/news/articles/2023-05-18/singapore-s-whampoa-group-plans-digital-bank-in-bahrain-open-to-crypto-clients" target="_blank" rel="noopener">provide</a> banking services to crypto firms, as well as cryptocurrency trading, custody, and asset management. The choice of Bahrain for such a venture may not be surprising, given the country&#8217;s <a href="https://crypto.news/bahrain-central-bank-selects-opennode-to-test-bitcoin-payments/">open attitude</a> towards crypto.&nbsp;</p>



<p>Meanwhile, the latest development could serve as a relief for crypto companies which have been finding it difficult to get banking partners in recent times. The events that plagued the industry in 2022, which included the fall of major firms like FTX, caused regulators to tighten regulatory policies and also made financial institutions distance themselves from digital asset entities.&nbsp;</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/new-york-regulator-and-danish-central-bank-governor-discussed-crypto-regulation/" class="cn-block-related-link__link">
            New York regulator and Danish central bank governor discussed crypto regulation        </a>

    
</div>


<p>Furthermore, the industry had to deal with another blow in March 2023, after tech banks in the United States such as Silvergate and Signature which catered to cryptocurrency firms, also <a href="https://crypto.news/crypto-firms-turn-to-swiss-banks-following-signature-silvergate-collapse/">collapsed</a>. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Best Crypto Exchange In Singapore 2023" width="1020" height="574" src="https://www.youtube.com/embed/pBtBBFMU8PM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>While the Central Bank of Bahrain (CBB) has granted Whampoa Group an &#8220;in-principle approval&#8221; for its digital bank initiative according to a government spokesperson, the multi-family office will only receive a full license after fulfilling all requirements.</p>



<p>Whampoa Group is not new to the digital asset industry, with the investment group in September 2022 stating plans to <a href="https://www.reuters.com/technology/singapores-whampoa-group-invest-100-mln-via-fund-digital-assets-2022-09-08/" target="_blank" rel="noopener">inject $100 million</a> into crypto startups via a venture capital fund.&nbsp;</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/switzerlands-banque-syz-unveils-crypto-fund-with-cmcc-global/" class="cn-block-related-link__link">
            Switzerland’s Banque SYZ unveils crypto fund with CMCC Global         </a>

    
</div>

Singapore multi-family office looks to establish a digital bank in Bahrain

Table of Contents

crypto.news

Other articles published on May 18, 2023

84.5% of Nigerians negatively affected by CBN’s Naira redesign policy, with youths bearing the br...

Vision City pre-sale buy competition

MicroStrategy continues bullish Bitcoin strategy with $209M BTC purchase in Q1 2023

TMS Network (TMSN) Continues Rise, Zimbabwe Reveals Gold-backed CBDC as a Counter to Shiba Inu (S...

VeChain Shines Championing Sustainability and Transparency with MyStory Digital Product Passport ...

Crypto ownership in Turkey, Argentina and Philippines surges as inflation skyrockets

Join our free newsletter for daily crypto updates!