Singapore’s DBS Bank has joined The Hedera Governing Council, the first Southeast Asian Lender to join the global grouping.
The bank joins a council comprising 39 other technology, corporate and non-profit heavyweights including Google, IBM, Boeing and Deutsche Telekom, among others.
The Hedera Governing Council aims to boost the Hedera Hashgraph network’s adoption in decentralized finance, non-fungible tokens, central bank digital currencies, gaming and other industries.
Council members serve an initial three-year term, extendible to a maximum of two terms. Members possess equal voting rights on decisions designed to govern software changes to the network, while providing stability and “continued decentralization,” according to Hedera’s website.
“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 Jimmy Ng, Group Chief Information Officer at DBS.
DBS, with over 29,000 employees, posted a 26% dip in net full-year net profit for 2020 to SGD$4.7 billion (US$3.5 billion), due to higher total allowances set aside to buffer against potential risks arising from the pandemic.
Earlier this month, the bank’s brokerage arm, DBS Vickers, was granted a license to operate as a “major payment institution” from the Monetary Authority of Singapore.