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Deutsche Bank Joins Singapore’s Central Bank Project to Explore Asset Tokenization and DeFi

14 May 2024
in Latest News, News
Reading Time: 3 mins read
104 6
Home News Latest News

Deutsche Bank, a German multinational investment bank, has announced its collaboration with Singapore’s central bank to explore asset tokenization opportunities. 

The bank has joined the Monetary Authority of Singapore’s (MAS) Project Guardian initiative, which focuses on tokenizing assets in wholesale funding markets and DeFi applications. The project 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.

The bank joins as a component of its asset and wealth management efforts and will experiment with an open architecture and interoperable blockchain platform to facilitate the management of tokenized and digital funds. After completing this, it would propose protocol standards and identify best practices to enhance industry advancement.

“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,”

the bank noted in its statement confirming the move. 

 

Boon-Hiong Chan, Deutsche Bank’s Asia Pacific head of securities and technology, will lead the bank’s efforts for Project Guardian. The bank will work closely with Memento Blockchain, a platform targeting DeFi and digital asset management, to develop DAMA 2, a digital asset management platform. 

Deutsche Bank previously collaborated with Memento Blockchain in 2022 and 2023 on Project DAMA, successfully completing a proof-of-concept for digital asset management access. The new initiative aims to unlock the potential for a more efficient, secure, and flexible solution for digital fund management and investment servicing.

Meanwhile, Deutsche Bank’s involvement in Singapore’s tokenization project follows its recent report on stablecoins, where it raised concerns about the transparency of major issuers like Tether (USDT). 

Tether has responded to Deutsche Bank’s report, saying it “lacks clarity and substantial evidence” and relies on “vague assertions rather than rigorous analysis” in comments shared with Cointelegraph.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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