Singapore family office plans to set up digital bank in Bahrain open to crypto clients

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Jun 21, 2023
1 year ago
Whampoa_Group
Credit: BLOOMBERG

A family office based in Singapore — the Whampoa Group— plans to open a digital bank in Bahrain, per the kingdom’s Economic Development Board. The office expects to open the bank by the end of the year and is aiming for a global client base.

The bank will offer digital asset trading, custody and management, among its digital banking services. According to Bloomberg, the Central Bank of Bahrain has granted the bank “in-principle approval” pending fulfillment of all requirements.

The Whampoa Group is associated with two prominent Singaporean Lee families — including Amy Lee, niece of Singaporean statesman Lee Kuan Yew, and Lee Han Shih of the Singaporean multimedia conglomerate Potato Productions.

Whampoa Digital, launched in 2021, participated in a $500 million investment fund from Binance Labs, the crypto exchange's venture capital arm, and it recently announced the creation of its own $100 million venture capital fund. It's also an investor in TikTok parent company ByteDance.

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.