DBS Bank joins Hedera Hashgraph Governing Council – Bits Media

Singaporean bank DBS joins the governing board of Hedera Hashgraph, to explore the possibilities of using blockchain in the banking industry.

Hedera Hashgraph is developing an enterprise blockchain for creating applications in a decentralized economy. On Hedera website indicated, that DBS became one of the first banks in Southeast Asia, members of the Hedera management board. DBS intends to contribute to research into the possibilities of blockchain and distributed ledger technology, and also explore options for its use in various industries, including in 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 using the Contour trading platform based on R3 Corda for settlements under letters of credit. Besides, in April this year, DBS announced it was working with JPMorgan bank and investment firm Temasek to launch a blockchain platform for interbank transactions.

Director of Information Technology Development at DBS Jimmy Ng (Jimmy Ng) said, that the bank is pleased to join reputable international organizations in Hedera, because they are united by a common goal - to unlock the enormous potential of the blockchain. According to him, DBS uses the latest technology, to modernize banking processes, and in recent months the bank has already introduced a number of blockchain-based products to clients.

“DBS is considered one of the leaders in creating an ecosystem for digital assets. He is actively introducing blockchain into his activities, to increase its effectiveness. We look forward to a fruitful collaboration with DBS and other board members, who have extensive experience in finance, payments, jurisprudence and technology", – said Hedera Hashgraph CEO Mance Harmon (Mance Harmon).

Recall, that the London School of Economics and Political Science joined Hedera Hashgraph's governing board this year, as well as the South Korean bank Shinhan Bank.