Singapore’s DBS Bank has joined the Hedera Governing Council, the first Southeast Asian lender to join a global group of companies that supports Hedera’s Hashgraph, a software that can process transactions and store a public ledger of those transactions.
The bank joins a council that includes 39 other technology, corporate and nonprofit organizations, including Boeing, Deutsche Telecom, Google and International Business Machines, 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 that can be extended to a maximum of two terms. Members have 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,” Jimmy Ng, group chief information officer at DBS, said in a press release.
Last 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, meaning its digital asset exchange can operate in the city-state.