DBS has become the first bank in South East Asia to take a seat on the Hedera Governing Council, establishing a network node on the enterprise grade distributed public ledger.
The Hedera Governing Council comprises heavyweights in the technology, corporate, non-profit and academic arenas, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, , Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
Designed to remove the bottlenecks in cross-boprder trade, Hedera’s distributed ledger technology (DLT) allows for the sharing of information between two parties involved in a transaction and ensures that that information or data is in fact credible and authentic - without the need for a trusted intermediary.
DBS says it intends to use its membership to further explore the emerging opportunities created by distributed ledger technology.
The bank last year launched a blockchain-backed digital asset ecosystem for corporate clients, and in April formed a joint venture company with JPMorgan and Temasek that will use distributed ledger technology to challenge the cumbersome hub-and-spoke model applied to traditional cross-border payment flow.
Jimmy Ng, group chief information officer and head of technology & operations at DBS, comments: “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. We look forward to joining our peers on the Hedera Governing Council in exploring further use cases that bring tangible benefits to our stakeholders.”