Investment bank BNY Mellon signed a memorandum of understanding (MOU) with the Blockchain Association Singapore (BAS) to collaborate on advancing blockchain technology, driving institutional digital assets, and decentralized finance (DeFi) adoption.
BNY has already announced plans to launch a digital asset custody platform later this year. The investment bank is helping institutional investors, as well as, retail investors to gain crypto exposure.
BNY Mellon and BAS to promote digital economy in Singapore
In a press release on April 27, BNY said it has become the first global custodian bank to be recognized as BAS’ strategic Institutional Digital Asset Collaborator. Chia Hock Lai, Co-Chairman of BAS, believes the collaboration will boost the acceptance and adoption of blockchain technology and DeFi across the region. In fact, the digital technologies are currently new to the region.
Johnny Wijaya, Head of Asia Pacific Innovation Center at BNY Mellon, said:
“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.”
On Tuesday, BNY launched BNY Mellon Blockchain Innovation Fund, which is Singapore’s first blockchain-themed fund targeting retail investors. The fund is also available to institutional investors and HNWIs in European countries such as the UK, France, Switzerland, Spain, and others.
Moreover, BNY Mellon is also a member of the Veritas initiative led by the Monetary Authority of Singapore (MAS) and serves on the Strategic Advisory Council of the ASEAN Financial Innovation Network.
BNY no stranger to blockchain
BNY Mellon has partnered with several companies in the crypto and blockchain industries as it sees revenue potential in the space.
The investment bank has partnered with several companies such as Circle as a custodian for its USDC stablecoin, Chainalysis to utilize the compliance software within its risk management system, and Grayscale Investments for crypto investment products.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.