Singapore's Huangpu Group plans to establish a digital bank in Bahrain, open to cryptocurrency clients

2023-05-18 15:29:42

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ChainCatcher news, according to Bloomberg, Singapore's Whampoa Group plans to establish a digital bank in Bahrain by the end of the year, offering banking services as well as digital token trading, custody, and asset management services, along with providing 24/7 payment and settlement services for digital asset companies.

A spokesperson for the Bahraini government stated that the country's central bank has in principle approved the Whampoa Group's establishment of the joint venture, adding that the approval is provisional and full licensing will only be granted once all regulatory requirements are met.

Last year, Whampoa Group indicated its intention to raise $50 million for crypto-related hedge funds and deploy $100 million for venture capital funds in the digital asset space. (Bloomberg)

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