Deutsche Bank Joins MAS Initiative for Asset Tokenisation

Deutsche Bank has recently announced its participation in the Monetary Authority of Singapore’s (MAS) Project Guardian, a collaborative initiative aimed at exploring the potential of asset tokenization in regulated financial markets. This move underscores the bank’s commitment to innovation and its proactive stance in shaping the future of digital assets within Singapore and the broader Asia Pacific region.

Project Guardian, initiated by MAS and launched in 2022, involves cooperation between global policymakers such as the UK’s Financial Conduct Authority (FCA), Switzerland’s FINMA, Japan’s Financial Services Agency (FSA), and representatives from the financial services industry. As part of this multi-year effort, Deutsche Bank will contribute to the asset and wealth management workstream, focusing on testing an open architecture and interoperable blockchain platform designed to service tokenized and digital funds.

Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales at Deutsche Bank, emphasized the bank’s commitment to driving the development and adoption of digital assets in the region. He highlighted the significance of Deutsche Bank’s involvement in Project Guardian, stating that it will bolster the bank’s efforts to shape the new frontier of asset servicing while exceeding client expectations.

Boon-Hiong Chan, Deutsche Bank’s Asia Pacific Head of Securities and Technology Advocacy and Industry Applied Innovation Lead, will lead the bank’s participation in Project Guardian. The collaboration will extend to working closely with Memento Blockchain, a decentralized finance specialist, to deliver DAMA 2, building upon the proof-of-concept DAMA 1 completed in 2023.

Mike Clarke, Global Head of Securities Services Product Management at Deutsche Bank, emphasized the importance of collaborating with leading fintechs and digital natives to engineer technologically advanced asset servicing products. He highlighted that through initiatives like Project Guardian and engagement in relevant standardization areas, the bank aims to enhance competitiveness and create additional value for clients.

Deutsche Bank’s involvement in Project Guardian also aligns with its broader efforts to explore the potential of blockchain technology and digital assets. The bank’s collaboration with Memento Blockchain and Interop Labs, the initial developer of the Axelar network, reflects its strategic focus on leveraging innovative solutions to address evolving market demands.