BNY Mellon Enters Singapore’s Digital Assets Market With BAS Tie-Up

Blockchain Association of Singapore (BAS), announced Wednesday a partnership with American bank major BNY Mellon. According to the MoU, BAS will welcome the latter as a strategic partner.

BAS’ partnership with BNY is in response to a strict regulatory environment in Singapore and worldwide, as well as an increase in institutional investors interested in digital assets. In August 2018, Richard Teng, an ex-regulator at Abu Dhabi Global Market, was appointed to the board by the advocacy group for blockchain industry.

Collaboration for Greater Crypto and DeFi Adoption

BAS announced in a blog that the two organizations would cooperate to increase adoption of blockchain, digital assets and decentralized financing (DeFi) on its website.

“Blockchain is still a relatively new technology in this region. We are confident that this collaboration will be able drive acceptance and adoption blockchain technology and DeFi throughout the region,” Chia Hok Lai, Co-Chairman, of BAS said.

According to the PR, BAS will work with BNY in exploring new opportunities for digital assets and DeFi landscapes that are rapidly growing. They will exchange expertise with the wider ecosystem and create a mutual understanding for the new scenario.

Chia Hock Lai, Co-Chairman of BAS, believes that the market for blockchain will grow from $4.9 billion to $67.4 trillion by 2026 at an annual CAGR of 68.4%.

Johnny Wijaya (Head of Asia Pacific Innovation Center at BNY Mellon) commented on the developments:

“As the global custodian bank that was recognized as BAS’ strategic Institutional Digital Asset Collaborator (the first), we look forward to contributing to the financial landscape transformation with our open, collaborative digital approach.”

BNY Mellon will participate in SG Blockchain Week 2022. This is a major annual event organized by BAS.

BNY’s Deep Dive Into Bitcoin

BNY Mellon’s involvement in digital assets has increased over the past year. It announced support for Pure Digital, a cryptocurrency exchange based in London, in July 2021.

Jason Vitale, Global Head for Foreign Exchange at BNY Mellon stated that digital assets will only become more embedded in global market in the coming years. This collaboration is in line with BNY Mellon’s larger strategy to develop a capability to digitize clients throughout the entire trade cycle.

BNY Mellon stated in July that it was supporting Grayscale Investments to transform Bitcoin Trust into an ETF. It provided fund accounting and administration services.

BNY Mellon’s Chief Financial Officer Emily Portney stated in an interview that a large portion of 2023 revenue will come from digital assets.

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