Manana, Bahrain – Credit: Shutterstock
Singapore Gulf Bank has recruited Ali Moosaa former JPMorganin the position of vice-president. The new bank focused crypto and based in Bahrain plans to make its debut at December.
Announced last spring, the bank of the singapore group Whampoa will be available to industry players crypto and should open its doors by the end of the year.
To oversee its launch, Singapore Gulf Bank has just recruited JPMorgan Chase & Co’s former vice-president in charge of wholesale payments, reported Bloomberg on Monday.
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Ali Moosa joins the new establishment after 30 years with JPM. The former U.S. bank executive will also be responsible for managing the various departments of the future institution, which will be based in Paris. Bahrain.
Singapore Gulf Bankwhich has received approval in principle from the local authorities, will also provide trading and custody for this emerging asset class.
Companies specializing in crypto are now, and always have been, experiencing difficulties in accessing banking services. Whampoa Group aims to fill this gap in the Middle East and Asia.
In early 2022, Bahrain’s central bank was experimenting with JPMorgan’s JPM Coin System settlement technology, with the aim of eliminating the inefficiencies of traditional cross-border payments.
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