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DBS Is Latest Financial Institution to Join Hedera Governing Council

UTC by Oluwapelumi Adejumo · 2 min read
DBS Is Latest Financial Institution to Join Hedera Governing Council
Photo: DBS Bank

Although DBS is the first bank to join from Southeast Asia, this does not mean it is the only bank in the Hedera council. There are also South Africa’s Standard Bank and Korea’s Shinhan Bank in the Council.

A recent announcement from the leading financial services group in Asia, DBS, has indicated that the Singapore headquartered company has joined the Hedera Governing Council, becoming the first Southeast Asia bank to join the exalted council.

This move would add the financial lender to a host of heavyweights, including Google, IBM, Boeing and Deutsche Telekom, that make up the 24 member council.

The Council aims expansion for the Hedera Hashgraph network’s adoption in decentralized industries, such as finance, non-fungible tokens, central bank digital currencies gaming, and others.

While announcing, DBS Group CIO and Head of Technology & Operations, Jimmy Ng, said:

“DBS is pleased to join some of the world’s most established organizations on the Hedera Governing Council as we collectively seek to uncover the vast potential of blockchain and distributed ledger technologies.”

He explained that DBS as a company prioritizes the utilization of emerging technology to reshape its areas of business and “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 added that the company is joining Hedera to tap from its potentials for the benefits of its stakeholders. “We look forward to joining our peers on the Hedera Governing Council in exploring further use cases that bring tangible benefits to our stakeholders,” said he.

Becoming a member of the Council means that DBS would be able to partake in decisions governing the network, as it would possess equal voting rights with other members of the Council. The council members serve 3 years (1 term) and can serve two terms at maximum.

Mance Harmon, CEO of Hedera Hashgraph,  said in his comment:

“We are pleased to bring this relationship to fruition and have DBS join the Hedera Governing Council.”

Although DBS is the first bank to join from Southeast Asia, this does not mean it is the only bank in the Hedera council. There are South Africa’s Standard Bank and Korea’s Shinhan Bank in the Council.

DBS is at the forefront of banks leveraging digital technology to shape the financial space. It was recently named “World’s Best Digital Bank” and “Most Innovative in Digital Banking” by Europe money and The Banker, respectively.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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