Digital Assets Association Launches in Singapore to Bridge TradFi, Tokenized RWAs
A group of digital asset industry leaders have launched the Digital Assets Association (DAA) in Singapore.
The non-profit organization aims to bridge the gap between traditional finance and the potential of tokenized real-world assets (RWA) by bringing together financial institutions, fintechs, technology providers, and legal and regulatory experts.
Its committee comprises early-stage innovative companies, financial players, and service providers including:
- Henry Zhang, Founder & CEO of DigiFT
- Chia Hock Lai, CEO of Onfet
- Danny Chong, CEO of Tranchess
- Daniel Lee, Head of Web3, Banking Circle
- Steven Hu, Head of Digital Assets, Trade & Working Capital, Standard Chartered
- Chang Tze Ching, CEO of Bright Point International Digital Assets.
DAA's inception was spearheaded by the leaders of DigiFT, Onfet, and Tranchess. DigiFT is a regulated on-chain exchange for RWA. Onfet is a blockchain-based tech firm focusing on operational efficiencies. Tranchess is a tokenized asset management and derivatives tracking protocol.
It aims to share knowledge and best practices, develop industry standards, advocate for responsible adoption and empower future leaders.
Tokenization is expected to grow by a factor of 80x in private markets, reaching up to almost US$4 trillion in value by 2030, according to Citi.
A new report by Seedly and Coinbase has revealed that more than 1 in 2 Singaporeans own cryptocurrency.