On Wednesday, October 27, DBS Bank, one of the leading financial institutions of Singapore has joined the Hedera Governing Council. With this, DBS Bank will also be joining the group of other organizations responsible for taking further the growth of the Hedera network.
Some of the heavyweight players from the tech, corporate, and non-profit sectors have participated in the Hedera Governing Council. The recent development also makes the DBS Bank be the first and the only bank from Southeast Asia to join the Hedera Governing Council.
Speaking of this development, Jimmy Ng, Group Chief Information Officer and Head of Technology & Operations at DBS said:
“DBS is pleased to join some of the world’s most established organisations on the Hedera Governing Council as we collectively seek to uncover the vast potential of blockchain and distributed ledger technologies.
We have been leveraging emerging technologies to reshape the future of banking and have in recent months brought to market a number of innovative offerings powered by blockchain to help our clients seize opportunities in the new normal. We look forward to joining our peers on the Hedera Governing Council in exploring further use cases that bring tangible benefits to our stakeholders.”
DBS Exploring Blockchain Use-Cases for Banking
blockchain is certainly changing the way traditional banking works, and DBS Bank knows this well. Being part of Hedera’s Council, DBS will explore further opportunities along with other potential use cases to leverage blockchain.
DBS Bank has already started experimenting with blockchain use in trade financing as well as cross-border payments and settlements. Furthermore, as asset digitization gather’s steam, DBS launched its blockchain-backed digital asset ecosystem in 2020. The banking giant also offers corporate clients and accredited investors an integrated suite of solutions across the crypto value chain. Mance Harmon, CEO of Hedera Hashgraph said:
“We are pleased to bring this relationship to fruition and have DBS join the Hedera Governing Council. We look forward to collaborating with them and the other council members, themselves leaders in the finance, payments, legal, and technology arenas, to continue our mission for the Hedera network to serve as the trust layer of the internet.”
A number of traditional banking players are seeking exposure to the rapidly emerging crypto space. Some banks have already announced crypto custodial solutions. Moreover, the recent statement from the FDIC chairman notes that the U.S. regulators are working to allow the banks to handle crypto assets.