Fintech
Deutsche Bank will explore asset tokenization applications
German bank announced that it has joined the Monetary Authority of Singapore (MAS) Guardian Project (as part of your wealth and wealth management workflow). The collaborative initiative is dedicated to testing the feasibility of asset tokenization applications in regulated financial markets.
Project Guardian is a multi-year project involving global policymakers (including the UK FCA, Switzerland’s FINMA and Japan’s FSA) and representatives from the financial services industry.
As part of the wealth and asset management workflow, the bank will test an open architecture and interoperable blockchain platform to serve tokenized and digital funds. It will then propose protocol standards and identify best practices to help advance the industry.
Anand Rengarajan, head of securities services for Asia Pacific and the Middle East and global head of sales, said: “We are committed to being leaders in driving the development and adoption of digital assets in Singapore and Asia Pacific. Contributing to Project Guardian will strengthen our efforts to help define the new frontier of asset servicing and will strongly position us to help advance the industry and not only anticipate our clients’ needs, but exceed their expectations.”
Mike Clarke, global head of product management for Security Services, said: “Collaborating with leading fintech companies and digital natives is essential to design technologically advanced asset servicing products. This will not only improve our competitiveness, but will allow us to create more value. Through Project Guardian and our work on relevant standardization areas, we hope to increase the robust and tangible benefits that technology and collaboration can deliver to customers and the industry.
Boon-Hiong Chan, Deutsche Bank’s Asia Pacific head of Securities & Technology Advocacy and head of applied industry innovation, will be the bank’s lead for Project Guardian. It will work closely with Memento Blockchain (a zero-knowledge hyper-chain and decentralized finance specialist), with whom it previously ran the DAMA 1 proof-of-concept in 2023. These new efforts will deliver DAMA 2. Interop Labs, the first Network developer Axelar (a Web3 interoperability platform) will also join the bank’s efforts