Singapore TradFi bank DBS joins Hedera Hashgraph as a council member 🚨 This article is 3 years old...
Singapore TradFi bank DBS joins Hedera Hashgraph as a council member
The bank has become the 24th member of the Hedera Governing Council and is the first Southeast Asian bank to have joined the worldwide hyperledger organization.
2 min read
Updated: Oct. 28, 2021 at 3:30 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DBS Bank, Singapore’s oldest bank, has joined the Hedera governing blockchain council alongside 39 other leading technology, corporate and nonprofit leaders such as Google, IBM, Deutsche Telekom, Boeing, Dentons, and LG Electronics.
I'm excited to announce @dbsbank as the 25th member of the Hedera Governing Council. The first bank in SE Asia joins 3 leading global banks on the counsel, all committed to pioneering solutions for financial innovation and inclusion for all. Welcome!
— ManceHarmon (@ManceHarmon) October 27, 2021
The bank may acquire significant value from Hedera’s innovative enterprise blockchain by influencing the direction of public nodes on the Hedera platform’s codebase. DBS will also provide useful input on real word businesses and their needs through this association.
Exploring emerging technologies
DBS bank will run a network node and will explore use cases to leverage blockchain and distributed ledger technologies for banking purposes.
The council members are usually allotted three years to serve, which can be extended up to two years. Members also get equal voting rights on network upgrades. The council also encourages its members to participate in Hedera Testnet, a testing environment that allows development teams to test network capacities and offer valuable input on the same.
In a statement issued by DBS group chief information officer and head of technology & operations Jimmy Ng, the bank said it was looking forward to exploring new blockchain innovations that may prove beneficial for their stakeholders and customers in near future.
The Singaporean bank has long been involved in leveraging blockchain for its operations and product offerings. DBS had recently launched its digital exchange which offers crypto trading on its platform along with tokenization services and custody.
The bank also has a long, well-established record of working with distributed ledger technology on the DBS Trade Finance Platform.
Serving approximately 9 million customers globally, DBS bank is Singapore’s largest bank in terms of asset and market cap ($81.57 billion as of this week.). The bank has established a dominant presence in Indonesia, Malaysia, Thailand, and China, and intends to increase its focus on emerging technologies such as blockchain and cryptocurrencies.
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The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.