Blockchain Association Singapore and BNY Mellon Jointly Drive Adoption and Innovation of Blockchain and DeFi

Blockchain Association Singapore (BAS) has 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.  

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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. 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."

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, 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 also serves on the ASEAN Financial Innovation Network (AFIN) 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.