SINGAPORE, April 27, 2022 /PRNewswire/ -- Blockchain Association Singapore (BAS) today announced global financial institution BNY Mellon has come on board as a strategic collaborator. With the signing of a Memorandum of Understanding (MOU), BAS and BNY Mellon will cooperate to advance the blockchain ecosystem, driving global cooperation regarding institutional digital assets and decentralised finance (DeFi). BAS and BNY Mellon will seek collaboration opportunities and share expertise with the wider ecosystem to facilitate mutual understanding of the constantly growing digital asset and DeFi landscapes.
Commenting on the strategic collaboration, Mr Chia Hock Lai, Co-Chairman of BAS said, "We are honoured to be given this opportunity to collaborate with BNY Mellon for the advancement and advocacy of blockchain and DeFi. Blockchain technology and its acceptance and usage has been in the ascendancy in recent years, with the blockchain market size slated to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026 at a compound annual growth rate of 68.4 percent[1]. Blockchain still is a relatively nascent technology within this region, and we are confident that with this collaboration we will be able to drive acceptance and adoption of blockchain technology and DeFi across the region."
Johnny Wijaya, Head of Asia Pacific Innovation Center at BNY Mellon adds, "We are excited to be joining the Blockchain Association Singapore to play an important part in nurturing the development of Singapore's digital and financial ecosystem. As the first global custodian bank to be recognized as BAS' strategic Institutional Digital Asset Collaborator, we are looking forward to contributing to the transformation of the financial landscape with our open and collaborative digital approach."
BAS was established to facilitate collaboration between market participants and stakeholders in the blockchain ecosystem. The association is an effective platform for members to engage with multiple stakeholders to find solutions to issues and to promote best practices in a collaborative, open, and transparent manner.
BNY Mellon will also participate in BAS' upcoming events such as SG Blockchain Week 2022 and the inaugural ASEAN Blockchain Day, featuring an innovation award and a BNY Mellon Singapore Innovation Center Accredited Event.
BNY Mellon, which established a Singapore presence in 1974, has continued to grow its influence in the region, including the opening of its Singapore Innovation Center in 2016. BNY Mellon is one of the consortium members of 25 banks and technology firms in the Veritas initiative led by the Monetary Authority of Singapore (MAS). This initiative, which recently concluded its second phase, was launched in 2019 to enable financial institutions to assess their Artificial Intelligence and Data Analytics (AIDA)-driven solutions against the principles of Fairness, Ethics, Accountability and Transparency (FEAT)[2].
BNY Mellon also serves on the ASEAN Financial Innovation Network (AFIN)[3] Strategic Advisory Council that drives financial inclusion through initiatives such as APIX, a global fintech marketplace and sandbox for collaboration between financial institutions and fintechs.
BNY Mellon is also one of the 10 financial institutions working with APIX on ChekFIN, a global fintech registry developed by AFIN in collaboration with Boston Consulting Group Fintech Control Tower (BCG FCT) and Temasek-founded Affinidi. This registry, which went live on Dec. 1, 2021, aims to assist financial institutions in identifying and evaluating fintech companies for collaboration and development opportunities.
About Blockchain Association Singapore
The Blockchain Association Singapore (BAS) seeks to empower its members and the community to leverage blockchain and scalable technologies for business growth and transformation.
The Association is designed to be an effective platform for members to engage with multiple stakeholders – both regional and international – to discover solutions and promote best practices in a collaborative, open, and transparent manner. It aims to promote blockchain literacy and build a strong talent pipeline for the digital economy in Singapore.
For more information, please visit: https://singaporeblockchain.org
[1] https://www.marketsandmarkets.com/Market-Reports/blockchain-technology-market-90100890.html |
[2] The FEAT principles were co-created by the Monetary Authority of Singapore (MAS) and the financial industry to provide guidance to firms offering financial products and services on the responsible use of AIDA and to strengthen internal governance around data management and use. |
[3] AFIN was established in 2018 to facilitate innovation and cooperation between financial institutions and fintechs in an effort to digitally transform the banking and financial sectors across Southeast Asia to ultimately drive financial inclusion through APIX, APIX Oxygen and other initiatives. |
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2022, BNY Mellon had $45.5 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
