A prominent private family office in Singapore, the Whampoa Group recruited Ali Moosa from JPMorgan Chase & Co. to look after a digital bank in Bahrain for crypto payment services and settlements for companies.
Ali Moosa will now serve as executive vice chairman at Singapore Gulf Bank after serving JPMorgan for three decades long.
Moosa previously served as regional head and vice chairman of central and eastern Europe, Middle East, and Africa businesses.
It is still difficult for cryptocurrency companies to easily use banking services because of the risks shown by the digital asset rout last year. This drop in the market led to the collapse of the FTX exchange, in the middle of fraud allegations.
In May, Whampoa Group received an in-principle approval from Bahrain to set up Singapore Gulf Bank and is planning to launch it in December.
This is a great step in the crypto community as it would lead to many benefits. This integration is supposed to connect conventional and digital financial services and make financial integration between Asia, the Middle East, and North Africa.
The chief executive of Whampoa Group, Shawn Chan, said in a statement that more projects are to be announced in the coming months.
Many countries are planning to develop crypto hubs, like Bahrain, Dubai, and Abu Dhabi in the Middle Eastern region. These countries want centers for investors’ safety and are appealing to companies to focus on technology and blockchain services.
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