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 Tranchess; Mr 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.

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 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.

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.“