Singapore-based Whampoa Group, a family office with investments in global tech companies, has appointed a former head of JPMorgan to oversee its cryptocurrency-focused digital bank in Bahrain.

Ali Moosa, who had worked for JPMorgan for three decades, will join Singapore Gulf Bank (SGB) as executive vice chairman, according to a statement on Monday.

Moosa last served as JPMorgan’s regional head and vice chairman for central and eastern Europe, Middle East and Africa.

The private family office announced early this year its plans to set up the banking arm to provide services that include payments and settlement for digital asset businesses.

Among the platform’s target clients are institutions, innovators, and investors globally.

According to estimates, there are around 320 million crypto users worldwide as of 2022.

The figure is expected to grow to one billion by 2030, with 75% of merchants forecast to accept crypto payments within the next two years.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com