DigiFT, Onfet, and Tranchess Drive Launch of the Digital Assets Associationby Fintech News Singapore February 1, 2024
Today marks the official launch of the Singapore-based Digital Assets Association (DAA), a new international organisation aimed at promoting the responsible development and integration of institutional digital assets.
The DAA seeks to unite various sectors, including financial institutions, fintech companies, technology providers, and legal and regulatory experts, to address the evolving landscape of tokenised real-world assets.
The committee of the DAA comprises Henry Zhang, CEO of DigiFT; Chia Hock Lai, CEO of Onfet; Danny Chong, CEO of Tranchess; Daniel Lee from Banking Circle; Dr. Steven Hu from Standard Chartered; and Chang Tze Ching, CEO of Bright Point International Digital Assets.
The formation of the DAA was principally driven by DigiFT, Onfet, and Tranchess. DigiFT is a regulated on-chain exchange for real-world assets, Onfet focuses on blockchain-based operational enhancements, and Tranchess is known for its tokenised asset management and derivatives tracking.
Key initiatives of the DAA include sharing knowledge and best practices through working groups, conferences, and online resources, focusing on topics like regulatory frameworks and market insights.
The association also plans to develop industry standards on issues like tokenization protocols and risk management, advocate for responsible adoption of digital assets by engaging with policymakers, and empower the next generation of leaders through its Talent Development Initiative.
A recent Citi report suggests that the tokenisation of assets could expand significantly by 2030, potentially revolutionizing the blockchain sector. In light of this, the DAA aims to provide a collaborative platform to share knowledge, develop industry standards, advocate for responsible adoption, and empower future talent in the field.
Membership in the DAA is open to financial institutions, fintechs, technology providers, and legal and regulatory experts interested in shaping the future of digital assets.
Featured image: Digital Assets Association Exco. (From left to right) Chia Hock Lai, CEO, Onfet; Danny Chong, CEO, Tranchess; Daniel Lee, Head of Web3, Banking Circle; Tze Ching Chang, CEO, Bright Point International Digital Assets; Henry Zhang, Founder & CEO, DigiFT; and Dr Steven Hu, Head of Digital Assets, Trade & Working Capital, Standard Chartered