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