Whampoa Group, a privately-held investment group headquartered in Singapore has appointed veteran banker Edmund Lee as chairman of its digital bank, Singapore Gulf Bank (SGB), in Bahrain.

Lee is also the founding chairman of Asia Gulf Holdings (AGH), the holding company for Whampoa’s strategic investments in Asia and the Middle East and North African (MENA) regions.

AGH is the parent company of SGB, which is preparing to launch digital banking services to global customers, having recently received final approval from the Central Bank of Bahrain. SGB will serve as a bridge between conventional and digital financial services, fostering financial connectivity between Asia and the MENA regions through advanced technology. The bank anticipates launching its services, which includes round-the-clock settlement, custody of and connectivity to digital assets, and asset management; in early 2024.

Lee’s appointment follows a decade-long tenure at JP Morgan Chase & Co., where he was vice chairman of Asia Pacific and senior country officer for Singapore. His experience covered various areas, including corporate and investment banking, asset management, and private banking. Lee was known for his pioneering use of innovative technologies like blockchain and robotics during his stint at JP Morgan.

Prior to his appointment at JP Morgan, Lee held leadership roles at DBS Vickers Securities, including chairman and CEO.

In his new role, Lee will leverage his comprehensive expertise in banking and deep understanding of the Asia Pacific region to guide the SGB Executive Leadership team, led by Ali Moosa, former JP Morgan CEEMEA vice chairman and regional head.

Lee Han Shih, co-chairman of Whampoa Group, said: “Whampoa Group is committed to strong corporate governance standards to ensure that the interests of all our stakeholders are well served as we embark on an exciting expansion into the Middle East.

“We are delighted to have someone of Edmund’s stature helm our boards. The management of Singapore Gulf Bank has a clear strategy to deliver innovative services and solutions to clients from the region and beyond, and Edmund’s experience in global banking will help them accelerate their plans and execute well.”