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Singapore Gulf Bank (SGB), an emerging player in the digital assets banking sector, has announced two significant executive appointments as it prepares for its launch in November 2024.
Ali AlShamma has been appointed chief financial officer (CFO), while Elaine Leong joins as chief operating officer (COO), according to an announcement on Thursday. These strategic appointments bring seasoned C-suite experience to bolster SGB’s global expansion plans.
Ali AlShamma, previously CFO at Goldman Sachs Saudi Arabia and Citigroup Saudi Arabia, will lead SGB's financial strategy, focusing on bridging markets between Asia and the Middle East and North Africa (MENA). Elaine Leong, who served as COO at Sygnum, will oversee SGB’s global operations, driving the development of innovative fintech solutions that merge digital and traditional assets into a user-friendly platform.
"Their expertise will help the bank develop innovative fintech solutions that integrate digital and traditional assets into a single, user-friendly app — tackling a significant crypto banking gap in the market, from the East to the world — while facilitating critical financial integration between Asia and the Middle East and North Africa corridors," SCB said in a statement.
SGB is backed by Whampoa Group, a prominent investment firm with ties to Singapore’s founding prime minister and OCBC Bank, as well as Mumtalakat, Bahrain’s sovereign wealth fund.
As SGB approaches its launch, the bank aims to address a significant gap in crypto banking by providing a seamless interface for managing both digital and traditional assets. With a focus on robust AML/KYC processes, SGB said it seeks to serve as a critical link between conventional financial services and the fast-evolving digital asset economy, ultimately empowering a new generation of users.
