The Hedera Governing Council has reportedly onboarded Singapore’s longest-running bank – DBS Bank – as its most recent member from the SEA region to take part in the worldwide Hyperledger organization. 

Specifically, DBS Bank – a member of the advisory council on fintech – has reportedly become a member of the blockchain council, together with 39 different high-profile technology, corporate and nonprofit leading entities, including Google, IBM, Boeing, Deutsche Telekom, the University of London, Dentons and LG Electronics, among others.

The Asian lender will reportedly have a chance to obtain value from Hedera’s innovative enterprise blockchain platform, and simultaneously create influence on it via offering input on real-world business demands. 

Council members will reportedly be offered a serve time that lasts for three years, and can be extended for two terms. Members are subjected to equal voting power regarding network upgrades as well as challenges related to stability and decentralized growth. 

The council further takes part in the Hedera Testnet, a free testing environment which enables development teams to run testing for the network’s capabilities.

The DBS has reportedly been a key player contributing to the growth of Singapore’s cryptocurrency and blockchain sphere. In 2021, the bank debuted a blockchain-based virtual asset ecosystem catering to corporate customers. DBS also has a history of interacting with distributed ledger technology on the DBS Trade Finance Platform, with additional partnerships formed with Contour, Trusple and others.

DBS was reportedly also the co-founding entity of a blockchain-powered carbon trading network, in collaboration with SGX, Standard Chartered and Temasek.

Previously, the Monetary Authority of Singapore reportedly offered DBS’ brokerage arm, DBS Vickers, a license to run crypto payment services.