Singapore Gulf Bank, the first fully licensed digital bank in the MENA region (Middle East and North Africa), has announced the establishment of a global advisory board. The vice chair of the board is Randall Quarles, former vice chair of the U.S. Federal Reserve (Fed). This appointment is part of the bank’s strategy for international expansion.
This is reported by Finway
“The appointment of Randall Quarles significantly enhances our institutional credibility and opens doors to global markets.”
The chair of the board is Amy Lee, founder of the Singapore investment company Whampoa Group. The board also includes influential figures, such as:
- Fan Min — co-founder of China’s largest online travel service Ctrip;
- Louis Cheung — the first CEO of the investment fund Boyu Capital;
- Shaikh Mohamed Khalifa Al Khalifa — CEO of Beyon Digital;
- Wu Jihan — chair of the board of directors of the crypto firm Matrixport;
- Fan Yurong — president of the Jiangsu Province Chamber of Commerce.
According to the statement, Singapore Gulf Bank, with the support of Bahrain’s sovereign fund Mumtalakat and the Whampoa Group, positions itself as a next-generation financial platform. It is the first fully licensed digital bank in the region, allowing it to serve international clients remotely and provide services for crypto consumers.
Meanwhile, opinions within the crypto community are divided. Some believe that the involvement of figures like Quarles brings real strategic value:
“An appointment of this level instantly boosts trust in the bank in challenging jurisdictions, eases compliance, and paves the way for institutional capital.”
However, others point out the irony of influential figures from the traditional financial system appearing in the crypto world. One user on platform X (formerly Twitter) remarked:
“While retail investors debate meme coins, global forces are quietly shifting positions.”
It is worth noting that in September 2024, Singapore became a leader in the ranking of countries by cryptocurrency adoption rates.