The latest reports indicate that DBS Bank, Singapore’s oldest bank, has joined the Hedera Governing Council. DBS is now the first Southeast Asian lender to join the global Hyperledger organization.
This bank is a member of the advisory council on fintech and has joined the blockchain council alongside 39 other major technology, corporate, and several nonprofit leaders. Some of these institutions include Deutsche Telekom, the University of London, Google, IBM, Boeing, Dentons, and LG Electronics.
DBS bank aims to use its membership to also explore the emerging possibilities opened up by blockchain technology. The Asian lender may need value from Hedera’s innovative enterprise blockchain platform while also managing to influence it by offering input on real-world business needs.
All the council members have also allotted up to three years to serve, extendible for two terms. The members have equal voting power on the network upgrades, stability, and decentralized growth problems. This council also participates in the Hedera Testnet, which is a free testing environment that enables the development teams to test the network’s capabilities.Buy Crypto Now
DBS Plays Major Role In Singapore Crypto’s Development
The DBS has now played a major role in the development of Singapore’s crypto and blockchain sector. In the past year, the bank debuted a blockchain-powered digital asset ecosystem for corporate clients. The bank has a record of working with distributed ledger technology (DLT) on the DBS Trade Finance Platform and also collaborated with Trusple, Contour, and several others.
Notably, DBS also co-founded a blockchain-based carbon trading network together with Standard Chartered, SGX, and Temasek. Based on previous reports, the Monetary Authority of Singapore (MAS) gave DBS’ brokerage arm, DBS Vickers, a license to operate cryptocurrency payment services.
DBS Bank is now the biggest bank in Singapore by deposits and assets, and South Asia’s largest bank in terms of market capitalization. With more than 9 million clients across 18 markets, the bank has a considerable presence in Thailand, Malaysia, Indonesia, and China. The bank now wants to use its membership to also explore the emerging possibilities that are provided by blockchain technology.