The said it would explore further opportunities and potential use cases to leverage blockchain and distributed ledger technologies (DLT) as it reimagines the future of banking.
Public DLT Hedera Hashgraph has announced that Singapore’s DBS Bank has joined its governing council and will run a network node on the Hedera network – the most used, sustainable, enterprise-grade public network for the decentralised economy.
DBS is the third bank and sixth financial services firm to join the 24 member council, which includes heavyweights in the technology, corporate, non-profit and academic arenas, responsible for stewarding the Hedera network, the announcement said.
According to «Cointelegraph,» the lender may acquire value from Hedera’s enterprise blockchain platform, while also influencing it by providing input on real-world business needs.
Important Player
DBS has played a significant role in the development of the blockchain and cryptocurrency industry in Singapore. Last year, it launched a blockchain-powered digital assets exchange for corporate customers, and earlier this year, its brokerage arm received a license for crypto payment services.
The bank also works with DLT on the DBS Trade Finance Platform and has collaborated with Contour, Trusple and others. DBS also co-founded a blockchain-based carbon trading network with SGX, Standard Chartered and Temasek.
«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,» Jimmy Ng, DBS group chief information officer and head of technology and operations, said.
