Deutsche Bank today announced that it has joined the Monetary Authority of Singapore’s (MAS) Project Guardian (as part of its asset and wealth management workflow).
The collective initiative is dedicated to testing the feasibility of asset tokenization applications in regulated financial markets.
Project Guardian is a multi-year project involving international policy makers (including the UK’s FCA, Switzerland’s FINMA and Japan’s FSA) and financial services industry representatives.
As part of its asset and asset management workflow, the bank will test an open architecture and interoperable blockchain platform to serve digital and digital funds. It will then propose protocol standards and identify best practices that will help advance the industry.
Mike Clarke, Global Head of Securities Services Product Management said:
“Partnering with leading fintechs and digital natives is key to building technologically advanced asset servicing products. This will not only enhance our competitiveness, but enable us to create more value. Through Project Guardian and our work in related areas of standardization, we hope to elevate the healthy and tangible benefits that technology and collaboration can bring to customers and the industry.”
Boon-Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities and Technology and Applied Innovation Industry Support, will be the bank’s lead for Project Guardian. It will work closely with Memento Blockchain (a decentralized finance and zero-knowledge hyperchain specialist), with whom it previously ran the DAMA 1 proof-of-concept in 2023. These new efforts will deliver DAMA 2. Interop Labs, the original developer of the Axelar network (a Web3 interoperability platform) will also join the bank’s efforts.