DBS becomes the first and only bank in Southeast Asia to join the Governing Council. Of course, this will run a network node and consider use cases to leverage blockchain.
Also, the distributed ledger technologies (DLT) for banking.
Furthermore, Hedera Hashgraph uses a hashgraph consensus to handle fast and secure transactions.
Whereas, Traditional blockchain like Bitcoin utilizes a proof-of-work consensus.
More so, Jimmy Ng, DBS group chief information officer and head of technology & operations explains.
“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,”
Then, Jimmy Ng, DBS group chief information officer and head of technology & operations continues.
“We look forward to joining our peers on the Hedera Governing Council in exploring…”
“further use cases that bring tangible benefits to our stakeholders.”
Notably, The Bank is actively leveraging blockchain for its operations and product offerings.
Recall, in Last December, DBS launches its Digital Exchange.
This of course, offers cryptocurrency trading, custody and tokenization services.
Furthermore, in this oct, DBS Vickers (DBSV), the brokerage arm of DBS Bank receives a license by the Monetary Authority of Singapore (MAS).
So as to offer digital payment token services under the country’s Payment Services Act (PS Act).
Lastly, In May, DBS, Singapore Exchange, Standard Chartered Bank and Singapore state-owned investment firm Temasek teams up develop Climate Impact X.
This of course, is a carbon exchange and marketplace which offers companies high-quality carbon credits.
Additionally, This DBS Partnership brings Climate Impact X to utilize satellite monitoring. Then, machine learning and blockchain technology to facilitate the transparency, integrity and quality of carbon credits.
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