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Deutsche Bank, a leading German multinational investment bank, has announced its latest move in the crypto and blockchain space.
As well as MAS, the collaboration also includes Web3 interoperability platform Axelar Network and Memento Blockchain.
Deutsche Bank joins MAS’ Project Guardian
On Tuesday, the financial services giant said it is joining Project Guardian, Monetary Authority of Singapore’s asset tokenization program.
Deutsche Bank will use the partnership to explore the “feasibility of asset tokenization applications in regulated financial markets,” it said in a press release.
In particular, the program will see Deutsche Bank assess an open architecture and interoperable blockchain platform for tokenized digital funds.
The bank is also set to propose protocol standards and identify the best practices that will contribute to the overall growth of the sector.
Deutsche Bank’s head of securities & technology for Asia Pacific Boon-Hiong Chan will lead the bank’s team in Project Guardian.
Broader collaboration
According to details in today’s announcement, the team will work closely with DeFi protocol Memento Blockchain and Interop Labs, the initial developer of Web3 platform Axelar Network.
“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,” Anand Rengarajan, the bank’s head of securities services for Asia Pacific and the Middle East said.
Rengarajan is also the bank’s global head of sales.
An earlier collaboration between Deutsche and Memento Blockchain involved the proof-of-concept Digital Assets Management Access (DAMA) project in 2022 and 2023. The latest move aims at expanding the success of DAMA 1 to DAMA 2.
Singapore’s MAS launched Project Guardian in 2022.
The multi-year project brings together several policymakers and financial services industry players.
These include the UK’s Financial Conduct Authority (FCA), Switzerland’s Financial Market Supervisory Authority (FINMA) and Japan’s Financial Services Agency (FSA).
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