PANews reported on October 2 that according to official news, Singapore Gulf Bank (SGB), which is supported by Bahrain sovereign wealth fund Mumtalakat and Singapore Whampoa Group, announced the appointment of Ali AlShamma as Chief Financial Officer (CFO) and Elaine Leong as Chief Operating Officer (COO). Ali AlShamma was the CFO of Goldman Sachs Saudi Arabia and Citi Saudi Arabia, and Elaine Leong was the COO of Sygnum. In addition, Singapore Gulf Bank will open in November this year.

It is reported that SGB is the first fully licensed digital bank in Bahrain. Its main business goal is to achieve seamless integration between digital finance and traditional finance. It currently mainly serves Asia and the Middle East and North Africa (MENA) region.