Hedera Hashgraph reports that DBS, an international bank based in Singapore, has joined its Governing Council. This is the first Asian bank to join Hedera on its mission to expand the utilization of its enterprise blockchain ecosystem. DBS is expected to be integral in guiding Hedera going forward while investigating hoe the blockchain may be used to improve banking services.
The Hedera Governing Council claims many big multinational firms amongst its members. DBS is a top financial services group in Asia with a presence in 18 markets focusing mainly on Greater China, Southeast Asia, and South Asia.
DBS has been actively leveraging blockchain to offer solutions in areas including cross-border payments and settlements as well as trade financing. Singapore has long been a top Fintech hub.
DBS has also launched its blockchain-backed digital asset ecosystem. Anchored by the DBS Digital Exchange, DBS is able to 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 they are pleased to join some of the world’s most established organizations on the Hedera Governing Council:
“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.”
Mance Harmon, CEO of Hedera Hashgraph, explained that in their discussions the past few years it has been clear that DBS is a leading in both the management and creation of a digital asset ecosystem:
“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.”
The Hedera Governing Council boasts names like Boeing, Dentons, Google, IBM and many more. Hedera’s technology mitigates some of the performance issues intrinsic in many public blockchains existing today.