Digital Assets Association Launches: Building a Bridge Between Traditional Finance and RWA Tokenization

Founding committee members of the Digital Assets Association include senior leadership from DigiFT, Onfet, Tranchess, Banking Circle, Standard Chartered, and Bright Point International Digital Assets

Singapore, 1 February 2024 — The Digital Assets Association (DAA) today announced its official launch, a groundbreaking transnational organization dedicated to fostering responsible development and adoption of institutional digital assets. By bringing together financial institutions, fintechs, technology providers, and legal and regulatory experts, the DAA aims to bridge the gap between traditional finance and the transformative potential of tokenized real-world assets (RWA).

The launch of DAA represents a key step forward in the financial industry to facilitate greater collaboration between industry players and key stakeholders. The DAA committee is made up of a passionate group of industry leaders who believe in the future of digital assets — from early-stage innovative companies to notable financial players and service providers, including Mr Henry Zhang, Founder & CEO of DigiFT; Mr Chia Hock Lai, CEO of Onfet. Mr Danny Chong, CEO of TranchessMr Daniel Lee, Head of Web3 at Banking Circle; Dr. Steven Hu, Head of Digital Assets, Trade & Working Capital, Standard Chartered; and Ms Chang Tze Ching, CEO of Bright Point International Digital Assets.

[Caption: 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]

The inception of DAA was spearheaded by the leaders of DigiFT, a regulated on-chain exchange for RWA, which actively fosters the growth of an ecosystem for digital assets while providing unwavering support for industry development; Onfet, a blockchain-based technology company aimed at enhancing operational efficiencies; and Tranchess, a tokenized asset management and derivatives tracking protocol. Together, the organizations aim to drive the growth of a digital assets ecosystem and support industry development.

A Collaborative Ecosystem for the Future of Finance

According to a report[1] by Citi, tokenization of financial and real-world assets could be the ‘killer use-case’ blockchain needs for a breakthrough, with tokenization expected to grow by a factor of 80x in private markets, reaching up to almost US$4 trillion in value by 2030.

Recognizing the immense potential of asset tokenization to unlock liquidity, streamline transactions and democratize access to previously illiquid assets, the DAA will provide a platform for stakeholders to come together and navigate the landscape with shared expertise to:

  • Share knowledge and best practices: Through working groups, conferences, and online resources, the DAA will facilitate knowledge exchange on diverse topics such as regulatory frameworks, technological advancements, and market insights.
  • Develop industry standards: The DAA will work with its members to establish common ground on critical issues such as tokenization protocols, risk management frameworks, and data governance.
  • Advocate for responsible adoption: The DAA will engage with policymakers and regulators to promote responsible legal and regulatory frameworks that foster innovation while mitigating risks.
  • Empower tomorrow’s leaders: The DAA’s Talent Development Initiative aims to bridge the skills gap, nurturing a diverse, future-proof workforce through training, mentorship, and industry placements.

Join the Movement
Financial institutions, fintechs, technology providers, and legal and regulatory experts, who are keen to contribute to shaping the future of digital assets can apply for membership through DAA’s website (https://digitalassetsassociation.org/).

Mr Henry Zhang, Founder & CEO of DigiFT, said: “As the first regulated exchange for on-chain real-world assets, approved as a Recognized Market Operator with a Capital Markets Services license by the Monetary Authority of Singapore, we recognize the industry’s need in charting a trusted path towards on-chain assets. The launch of DAA is meant to be that platform that empowers the financial services ecosystem to unlock the full potential of tokenization.”

Mr Chia Hock Lai, CEO of Onfet, said “Institutional digital assets including RWA tokenization are an important component of the future of finance. The Digital Assets Association can unify the market, promoting responsible practices and building efficient, institutional-grade digital assets for all. ”

Mr Danny Cheong, CEO of Tranchess, said: “In the dynamic landscape of digital assets, our association stands as a beacon for progress. We’re dedicated to advancing the industry through education, collaborative efforts, and the responsible tokenization of real-world assets, ensuring a sustainable and inclusive future.”

Mr Daniel Lee, Head of Web3 at Banking Circle, said: “RWA will act as a bridge for traditional finance to decentralised finance, however, there would be many regulatory and technological challenges. I hope that DAA will be able to facilitate discussions and engagement with regulators to resolve these issues”

Ms Chang Tze Ching, CEO of Bright Point International Digital Assets, said: “At BPI, we are committed to staying at the forefront of technological innovation and view the adoption of blockchain and digital assets as the next step to our mission of delivering value to our clients. “

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About Digital Assets Association

The Digital Assets Association (DAA) is a non-profit membership organization with a global reach. Its’ founding members are made up of a passionate group of industry leaders who believe in the future of digital assets — from early-stage innovative companies to notable financial players and service providers.

Financial institutions, fintechs, technology providers, legal experts, and regulators who are keen to contribute to shaping the future of digital assets can apply for membership through DAA’s website (https://digitalassetsassociation.org/).

We would like to thank the media the extensive news coverage:

The Edge Singapore

https://www.theedgesingapore.com/news/cryptocurrency/digital-assets-association-launches-connect-tradfi-and-tokenised-real-world

华人头条

https://www.52hrtt.com/mobileview/info?id=K1706145804567&areaId=64&behaviorSource=4&languageId=1&flag=1

Regulation Asia

New Digital Assets Association Launches in Singapore

Fintech News Singapore

DigiFT, Onfet, and Tranchess Drive Launch of the Digital Assets Association

Newswav

https://newswav.com/article/digital-assets-association-launches-in-singapore-to-bridge-tradfi-tokenized-A2402_2fpfsN

Lumi News

https://luminews.my/news/1938040

BLOCKONOMI

Bridging Traditional Finance and Crypto: Inside the Digital Assets Association

Blockhead

https://www.blockhead.co/2024/02/01/digital-assets-association-launches-in-singapore-to-bridge-tradfi-and-tokenized-rwas/Blockhead


[1] https://www.citigroup.com/global/insights/citigps/money-tokens-and-games

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Editorial Team