DBS Bank, one of Singapore’s largest financial organizations, joined the Hedera Governing Council on Wednesday, October 27. DBS Bank will join a group of other firms tasked with accelerating the expansion of the Hedera network as a result of this.
The Hedera Governing Council includes some of the most powerful figures in the digital, corporate, and non-profit sectors. The DBS Bank is also the first and only bank from Southeast Asia to join the Hedera Governing Council as a result of the recent development.
Jimmy Ng, DBS’s Group Chief Information Officer and Head of Technology & Operations, commented on the development:
“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.”
Blockchain is unquestionably altering the way traditional banking operates, and DBS Bank is fully aware of this fact. As a member of Hedera’s Council, DBS will investigate more prospects for using blockchain technology, as well as other possible applications.
With the application of blockchain in trade finance, as well as cross-border payments and settlements, DBS Bank has already begun experimenting with the technology. Also in 2020, DBS will launch its blockchain-backed digital asset ecosystem, which will serve as a catalyst for the growing trend of asset digitization.
The financial behemoth also provides a comprehensive array of products for corporate clients and accredited investors that span the whole cryptocurrency value chain. Mance Harmon, the founder and CEO of Hedera Hashgraph, stated:
“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 established financial players are attempting to get a foothold in the quickly developing cryptocurrency market. Some institutions have already declared the availability of cryptocurrency custody services. Furthermore, according to a recent remark from the head of the Federal Deposit Insurance Corporation, the United States regulators are trying to allow banks to manage cryptocurrency holdings.
