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.

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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.

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