In a recent press release, Bahrain has granted its first five Golden licenses and Whampoa Group,  a multi-family office with investments in global tech firms, and its digital bank has received one of these licenses. The holders of Golden licenses are eligible if they will create more than 500 local jobs, or make an investment of over $50 million in their first years in the Kingdom while contributing to strengthening the Kingdom's overall development. The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom's Economic Recovery Plan goals. The licenses were presented at the headquarters of each company to Michel Sawaya, B...

  The Bahrain Economic Development Board announced that it has welcomed Singapore Based digital asset bank Whampoa Group to Bahrain. Whampoa will be setting up its new digital bank headquarters in Bahrain. The digital bank, which offers integrated financial solutions to serve institutions, innovators, and sophisticated investors globally, including digital banking services and the trading, custody, and asset management of digital assets, will open its operations in Bahrain by the end of year. In 2022, Whampoa Group had announced plans to raise $50 million for a crypto hedge fund and had announced plans to set up a venture capital fund to invest in digital assets. "We are delighted that Whampoa Group intends to set up the headquarters of their new digital bank in Bahrain as they would benefit from Bahrain's pro-innovation environment and forward-looking regulatory framework. The establishment of these types of institutions is vital to further strengthen the existing digital...

  UAE based Abu Abu Dhabi Global Market (ADGM) and Zand Bank, the UAE’s all digital bank licensed by the UAE Central Bank, have inked a memorandum of understanding (MoU) to offer preferential banking services and efficient bank account opening   for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations. Zand Bank will be the sixth bank that ADGM has partnered with in addition to other prominent banks operating in Abu Dhabi and across the UAE. As per the agreement, ADGM and Zand Bank will also support the placement of Emiratis and offer finance training programs, SME financing platforms, a FinTech sandbox, and corporate innovation programs. Commenting on this partnership, Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said, “We are pleased to partner with Zand Bank to collaborate on mutually beneficial initiatives and empower ADGM’s community with dedicated banking services. SMEs exist as one of the main pillars of economic diversification in ...