Blockchain Association Singapore (BAS) has announced a partnership with BNY Mellon, a global bank based in New York City. BNY Mellon has had a presence in Singapore since 1974. Singapore has long been a robust Fintech hub in Southeast Asia.
BNY Mellon also said it will participate in BAS’ upcoming events such as SG Blockchain Week 2022 and the inaugural ASEAN Blockchain Day.
The two entities have signed a Memorandum of Understanding (MOU), indicating they will cooperate to advance the global blockchain ecosystem regarding institutional digital assets and decentralized finance (DeFi).
Chia Hock Lai, co-Chairman of BAS said they are honoured to collaborate with BNY Mellon to advance blockchain and DeFi.
“Blockchain technology and its acceptance and usage has been in the ascendancy in recent years, with the blockchain market size slated to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026 at a compound annual growth rate of 68.4 percent. Blockchain still is a relatively nascent technology within this region, and we are confident that with this collaboration we will be able to drive acceptance and adoption of blockchain technology and DeFi across the region.”
Johnny Wijaya, Head of Asia Pacific Innovation Center at BNY Mellon added that they are excited to play an important part in nurturing the development of Singapore’s digital and financial ecosystem.
“As the first global custodian bank to be recognized as BAS’ strategic Institutional Digital Asset Collaborator, we are looking forward to contributing to the transformation of the financial landscape with our open and collaborative digital approach.”
Of note, BNY Mellon is one of the 10 financial institutions working with APIX on ChekFIN, a global Fintech registry developed by AFIN in collaboration with Boston Consulting Group Fintech Control Tower (BCG FCT) and Temasek-founded Affinidi. This registry, which went live on Dec. 1, 2021, aims to assist financial institutions in identifying and evaluating Fintech companies for collaboration and development opportunities.