Singapore's Whampoa Group plans to set up a digital bank in Bahrain before the end of the year to provide banking services as well as digital token trading, custody and asset management services, as well as round-the-clock payment and settlement services for digital asset companies.

The Bahraini government spokesman said the country's central bank had approved in principle the joint venture, adding that the approval was tentative and that a full license would only be granted after all regulatory requirements had been met.