Singapore-based DBS Bank has joined the Hedera Hashgraph Governing Board to explore the possibilities of blockchain use in the banking industry.
Hedera Hashgraph is developing an enterprise blockchain for building applications in a decentralized economy. Hedera’s website states that DBS was one of the first banks in Southeast Asia to join Hedera’s governing board. DBS intends to contribute to the exploration of the possibilities of blockchain and distributed ledger technology, as well as explore options for its use in various industries, including the banking sector.
DBS is already actively using blockchain for international payments and settlements, as well as for trade finance. Last year, the bank began to use the Contour trading platform based on R3 Corda to carry out settlements under letters of credit. In addition, in April of this year, DBS announced it was working with JPMorgan and investment firm Temasek to launch a blockchain platform for interbank transactions.
Jimmy Ng, Chief Information Officer at DBS, said the bank is delighted to join the established international organizations at Hedera as they share a common goal of unleashing the enormous potential of blockchain. DBS is using the latest technology to modernize banking processes, he said, and the bank has already introduced a number of blockchain-based products to customers in recent months.
“DBS is considered one of the leaders in building an ecosystem for digital assets. He is actively introducing blockchain into his activities in order to increase its efficiency. We look forward to a fruitful partnership with DBS and other board members who have extensive experience in finance, payments, jurisprudence and technology, ”said Mance Harmon, CEO of Hedera Hashgraph.
Recall that this year the London School of Economics and Political Science, as well as the South Korean bank Shinhan Bank, joined the governing board of Hedera Hashgraph.