DBS is First Bank in Southeast Asia to Join Hedera Governing Council and Run Network Node

Wednesday 27 October 2021 14:35
DBS Bank, a leading financial services group headquartered and listed in Singapore with a presence in 18 markets, has joined the Hedera Governing Council, the group of diverse organizations responsible for stewarding the Hedera network - the most used, sustainable, enterprise-grade public network for the decentralized economy. The Hedera Governing Council comprises heavyweights in the technology, corporate, non-profit and academic arenas.

As the first and only bank in Southeast Asia to join the Governing Council, DBS will explore further opportunities and potential use cases to leverage the vast potential of blockchain and distributed ledger technologies as it continues to reimagine the future of banking.

DBS has been actively leveraging blockchain to offer solutions in areas including cross-border payments and settlements as well as trade financing. With asset digitalisation and tokenisation fast gaining traction, DBS also launched its blockchain-backed digital asset ecosystem last year. 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, "DBS is pleased to join some of the world's most established organisations on the Hedera Governing Council as we collectively seek to uncover the vast potential of blockchain and distributed ledger technologies. 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."

"We are pleased to bring this relationship to fruition and have DBS join the Hedera Governing Council," said Mance Harmon, CEO of Hedera Hashgraph. "In our discussions over the last few years, it has been clear that they are a leader in both the management and in building an ecosystem for digital assets, as well as in emerging adoption of blockchain and DLT to drive efficiencies across their entire business. 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."

About Hedera
The Hedera network is the most used, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is governed by a council of the world's leading organizations, including Avery Dennison, Boeing, Chainlink Labs, DBS Bank, Dentons, Deutsche Telekom, DLA Piper, EDF (Electricite de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.

About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

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