Deutsche Bank Joins Project Guardian, Singapore's Initiative for Asset Tokenization

A recent press release revealed that Deutsche Bank, renowned as a global financial powerhouse, is now part of Project Guardian created by the Monetary Authority of Singapore (MAS). This collaborative effort, involving up to 17 financial institutions, aims to “enhance liquidity and efficiency in financial markets through asset tokenization”. Launched in 2022, the project includes regulatory bodies such as the Financial Conduct Authority (FCA) of the UK, the Financial Market Supervisory Authority (FINMA) of Switzerland, and Japan’s Financial Services Agency (FSA).

As part of this collaboration, Deutsche Bank will be putting an open and interoperable blockchain platform through its paces, specifically designed to handle digital and tokenized funds. Moreover, the institution will take the lead in suggesting protocol standards and pinpointing the most effective industry practices. This collaboration also extends to Memento Blockchain, a DeFi ecosystem that Deutsche Bank had previously collaborated with in the DAMA Project during 2022 and 2023.

Anand Rengarajan, who assumed the role of Head of Securities Services for the Asia-Pacific and Middle East region at Deutsche Bank, shared his thoughts by stating:

“Contributing to Project Guardian will bolster our efforts to help shape the new frontier of asset servicing, and strongly position us to contribute to industry progress, and not only anticipate our clients’ needs but exceed their expectations”.

Likewise, it has been announced that Boon-Hiong Chan, Head of Securities and Technology Promotion for the Asia-Pacific region, will spearhead Deutsche Bank’s involvement in Project Guardian. The bank is gearing up to complete a new proof of concept linked to DAMA. They aim to offer a more efficient, secure, and flexible solution for digital fund management.

Mike Clarke, Global Director of Product Management for Securities Services at Deutsche Bank, commented:

“Collaborating with leading fintechs and digital natives is key to engineering technologically advanced asset servicing products. This will not only enhance our competitiveness but empower us to create more value. Through Project Guardian, and our work on relevant standardization areas, we hope to elevate the sound and tangible benefits that technology and collaboration can bring to clients and the industry”.

Further news:

• The Kenyan government has appointed Marathon Digital, a significant mining company, as an advisor.
• Bancolombia launches Wenia exchange and introduces a stablecoin.
• Citigroup: Brazil Leads the Way in Digital Money Initiatives in Latin America.
• Finland Project Aims to Use Bitcoin Mining for Home Heating.

We recommend reading: ”NFTs: Their Emergence and Role in the Crypto World.” In this article, we explain Real World Assets (RWAs), which are traditional assets that can be “tokenized” on a blockchain. These protocols have experienced significant growth since 2023. According to Messari, a blockchain research and analysis company, the TVL (Total Value Locked) associated with RWAs —representing the assets secured within decentralized financial protocols— was nearly 8 billion dollars by the end of April.

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