Blockchain Association Singapore and BNY Mellon Collaborateto Drive Blockchain and DeFi Innovation

Blockchain Association Singapore (BAS) has announced that 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, 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 $4.9billion in 2021 to $67.4billion by 2026 at a compound annual growth rate of 68.4 per cent. 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 recognised 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.