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Kanoo Ventures, the investment arm of Yusuf bin Ahmed Kanoo Group, said yesterday it partnered with Singapore-based Whampoa Group to invest in Singapore Gulf Bank (SGB), a newly-launched digital bank in Bahrain.
The deal, signed by Nabeel Kanoo, chairman of Kanoo Ventures, and Shawn Chan, group chief executive of Whampoa Group, aims to solidify SGB’s position in the Middle East and North Africa (Mena) region.
SGB will offer a digital banking platform catering to global investors, institutions, and innovators. It will provide access to traditional and digital assets, real-time settlements, and asset management solutions.
“We are pleased to announce this strategic investment partnership with Whampoa Group to solidify SGB’s position within the Mena region,” said Mr Kanoo.
“Kanoo Ventures is focused on expanding its investment portfolio across different sectors, reaffirming our confidence in Whampoa Group and their capabilities in digital solutions through the establishment of SGB.”
Mr Chan echoed the sentiment, stating Kanoo Ventures’ investment will be crucial for SGB’s growth in Bahrain and the wider region. The capital and expertise will allow SGB to solidify its market position and deepen its roots in Bahrain’s financial sector.
The investment aligns with Kanoo Ventures’ focus on supporting Bahrain’s economic development through investments in innovative technology solutions. They believe this partnership will contribute to the advancement of the kingdom’s digital banking landscape.
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