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DBS is the first bank in SEA to join Hedera Governing Council

By Leandra Monteiro

October 27, 2021

  • Asia
  • Cross Border Payments
  • DBS Bank

DBS DBS Bank, a financial services group based and listed in Singapore with a presence in 18 markets, has joined the Hedera Governing Council, the group of diverse organizations responsible for stewarding the Hedera network – the most used, sustainable, enterprise-grade public network for the decentralized economy. The Hedera Governing Council comprises heavyweights in the technology, corporate, non-profit and academic arenas.

As the first and only bank in Southeast Asia to join the Governing Council, DBS will explore further opportunities and potential use cases to leverage the vast potential of blockchain and distributed ledger technologies as it continues to reimagine the future of banking.

DBS has been actively leveraging blockchain to offer solutions in areas including cross-border payments and settlements as well as trade financing. With asset digitalisation and tokenisation fast gaining traction, DBS also launched its blockchain-backed digital asset ecosystem last year. Anchored by the DBS Digital Exchange, DBS can offer corporate clients and accredited investors an integrated suite of solutions across the digital asset value chain.

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.”

“We are pleased to bring this relationship to fruition and have DBS join the Hedera Governing Council,” said Mance Harmon, CEO of Hedera Hashgraph. “In our discussions over the last few years, it has been clear that they are a leader in both the management and in building an ecosystem for digital assets, as well as in emerging adoption of blockchain and DLT to drive efficiencies across their entire business. 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.”

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