Deutsche Bank Enters Project Guardian To Investigate Asset Tokenization

Deutsche Bank recently declared its participation in the Monetary Authority of Singapore’s (MAS) Project Guardian (as part of the wealth and asset management workstream). The joint effort focuses on examining the possibility of asset tokenization apps in regulated financial markets.

Project Guardian spans multiple years and includes participation from global policymakers (such as Japan’s FSA, Switzerland’s FINMA, and the United Kingdom’s FCA). It also involves representatives from the financial services industry.

Deutsche Bank Seeks To Strengthen Its Efforts In Shaping The Future Of Asset Servicing

As a component of the wealth and asset management workstream, the bank will experiment with an interoperable blockchain platform and an open architecture to support tokenized and digital funds. Afterward, it will suggest protocol standards and pinpoint best practices to aid in industry advancement.

Deutsche Bank’s Head of Securities Services for Asia Pacific and the Middle East, Anand Rengarajan, commented on the development. He highlighted the team’s dedication towards the growth of digital assets in specific regions.

He stated that his team is committed to taking the lead in pushing forward the growth and acceptance of digital assets in Singapore and Asia Pacific.

Rengarajan further stated that contributing to Project Guardian will strengthen their efforts to form a fresh border of asset servicing. It is also positioned to contribute to progress in industry, and not just predict their customers’ requirements but surpass their expectations.

Deutsche Bank To Provide Comprehensive Financial Services To Clients

The Global Head of Securities Services Product Management, Mike Clarke, highlighted the importance of collaborating with digital natives and leading fintechs. He stated that working together with digital natives and leading fintechs is crucial for developing technologically advanced asset servicing products.

This will not just improve their competitiveness but enable them to generate additional value. The firm’s involvement in relevant standardization areas will enhance the real and measurable benefits that technology can provide to the industry and its clients.

Boon-Hiong Chan, the leader of Deutsche Bank’s Asia Pacific, will spearhead the bank’s involvement in Project Guardian.

It will work together with Memento Blockchain (a specialist in hyper-chain zero-knowledge and decentralized finance), with whom it earlier conducted the proof-of-concept DAMA 1 in 2023. These novel initiatives will result in DAMA 2.

Interop Labs, the original creator of the Axelar network (a platform for Web3 interoperability), will also participate in the bank’s initiatives.

Deutsche Bank offers retail and private banking, wealth and asset management services and products, transaction and corporate banking. It also provides investment banking to institutional investors, governments, corporations, small and medium-sized companies, and private individuals. Deutsche Bank is the top bank in Germany with deep European connections and a global presence.