Deutsche Bank has joined MAS to advance asset tokenization applications.
Takeaway Points
- Deutsche Bank joins MAS to advance asset tokenization applications.
- The aim is to test the feasibility of asset tokenization applications in regulated financial markets.
- Boon-Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead, will be the bank’s lead for Project Guardian.
Why did Deutsche Bank join MAS?
Deutsche Bank announced on Tuesday in a blog post that it has joined the Monetary Authority of Singapore’s (MAS) Project Guardian (as part of the asset and wealth management workstream). The aim is to test the feasibility of asset tokenization applications in regulated financial markets.
According to the bank, it will test an open architecture and interoperable blockchain platform to service tokenized and digital funds as part of the asset and wealth management workstream.
Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales, said that contributing to this project will boost their efforts and position them to contribute to industry progress.
“We are committed to being a leader in driving the development and adoption of digital assets in Singapore and Asia Pacific. 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 said.
Mike Clarke, Global Head of Securities Services Product Management, said: “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.
What is Project Guardian?
The bank said that Project Guardian is a multi-year project involving global policymakers (including the United Kingdom’s FCA, Switzerland’s FINMA, and Japan’s FSA) and financial services industry representatives.
Deutsche said that Boon-Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead, will be the bank’s lead for Project Guardian, and it will closely work with Memento Blockchain (a decentralized finance and hyper-chain zero-knowledge specialist), with whom it previously executed the proof-of-concept DAMA 1 in 2023. These new efforts will deliver DAMA 2. Interop Labs, the initial developer of the Axelar network (a Web3 interoperability platform), will also join the bank’s efforts.
About Deutsche Bank
Deutsche Bank is a financial services company that was founded in Germany in 1870. It is headquartered in Frankfurt, Germany, and is listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
According to the report, Deutsche opened its first domestic branch in Bremen in 1871, Hamburg in 1872, and Frankfurt am Main in 1886. Its first branches outside Germany were opened in Shanghai and Yokohama in 1872 and in London in 1873.
The bank said it had always employed female cleaning and canteen staff ever since it was founded and after 1900 the Bank started to employ women as telephonists and shorthand typists. its first ever female ‘bank officer’ – meaning a woman who had completed a banking or commercial traineeship was in 1913 and In 1988, Ellen R. Schneider-Lenné became the first woman to be appointed as an executive director at Deutsche Bank (or any other major German bank, for that matter).
