Mumtalakat and ARP Group Approved to Establish an AI-Native Wholesale Bank in Bahrain

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Bahrain’s sovereign wealth fund Mumtalakat and ARP Group plan to establish a wholesale bank in Bahrain that will use AI and blockchain technology, and have received in-principle approval from the Central Bank of Bahrain. The bank plans to serve regulated financial institutions, payment companies and businesses with cross-border operations; regulated activities may begin only after final authorization.