Gulf Bank, a Singapore-based digital bank jointly established by Singapore's Whampoa Group and Bahrain's sovereign wealth fund Mumtalakat, is focusing its business on cross-border cash flows between Asia and the Middle East. This licensed digital bank offers both traditional financial and digital asset services, aiming to penetrate the 24-hour settlement market.
Targeting the Asia-Middle East Corridor
The bank believes that with the continued expansion of trade between Asia and the Middle East, demand for cross-border settlements is also rising among corporations, family offices, and high-net-worth clients. Amy Lee, in an interview with Fortune, stated that the importance of this corridor is increasing in the current geopolitical environment.
The bank disclosed that its deposits exceeded $4 billion and transaction volume reached $12 billion in 2025. One of its core selling points is enabling customers to transfer and settle funds between fiat currency and crypto assets around the clock, no longer restricted by traditional bank operating hours.
Bahrain provides a licensed environment
The team evaluated several locations before ultimately choosing Bahrain to establish the bank in 2024. The report noted that Bahrain has maintained an open attitude towards digital asset businesses in recent years, and its regulatory requirements are relatively clear, making it suitable for institutions that operate both traditional financial and crypto businesses.
Local regulations involve the Central Bank of Bahrain, the Financial Intelligence Unit, and the Commerce and Industry Authority. This multi-sectoral regulatory framework raises the compliance threshold for new entrants, but also clarifies business boundaries.
Stablecoin settlement is now available.
In February of this year, Gulf Bank of Singapore launched a stablecoin tier on its real-time settlement platform SGB Net, allowing customers to mint, convert, hold, and trade USDT, USDC, and other USD-pegged stablecoins. The bank views stablecoins as everyday liquidity tools in the digital asset economy.
In addition to its stablecoin business, the bank has also established partnerships with traditional financial institutions such as JPMorgan Chase and Standard Chartered, as well as crypto industry players like Binance and Solana. For a newly established bank, these partnerships help fill gaps in its clearing, custody, and customer acquisition capabilities.
The team comes from Singapore's financial sector.
Amy Lee is currently the Chair of the Bank's Global Advisory Board. She has extensive experience in law and finance and co-founded Whampoa Group in 2011. In 2021, the group established Whampoa Digital to begin its foray into Web3 investment and related financial services.
After failing to obtain a digital banking license in Singapore, the team turned to other jurisdictions and ultimately chose to proceed with the project in Bahrain. Although the bank is not licensed to operate in Singapore, it retains the name "Singapore" to highlight its team background and brand identity.
