Deutsche Bank Joins Singapore’s Asset Tokenization Project

Deutsche Bank, a multinational investment bank based in Germany, is partnering with the Monetary Authority of Singapore (MAS) on a project focused on asset tokenization. The collaboration is part of MAS’s Project Guardian, which aims to explore the use of blockchain technology in wholesale funding markets and decentralized finance (DeFi) applications. As part of the partnership, Deutsche Bank will test an open architecture and interoperable blockchain platform for tokenized and digital funds. They will also propose protocol standards and contribute to industry progress.

The lead for Project Guardian at Deutsche Bank will be Boon-Hiong Chan, the bank’s Asia Pacific head of securities and technology. In this role, Chan will work closely with Memento Blockchain, a software-based platform that specializes in DeFi and digital asset management. Deutsche Bank and Memento Blockchain have previously collaborated on a proof-of-concept called Project DAMA, which aimed to create a more efficient and secure solution for digital fund management and investment servicing.

Deutsche Bank’s latest efforts involve the development of DAMA 2, which will involve Interop Labs, the initial developer of the Axelar network—a major interoperable blockchain. Ripple, a prominent cryptocurrency firm, has also been working with Axelar to add interoperability to its blockchain network. In February 2024, Ripple announced a collaboration with Axelar to tokenize real-world assets on the XRP Ledger.

Project Guardian was initiated by MAS in 2022 and has garnered participation from various financial market players, including the Financial Conduct Authority of the United Kingdom, the Financial Market Supervisory Authority of Switzerland, and the Financial Services Agency of Japan. The addition of Deutsche Bank to Singapore’s tokenization project follows the bank’s recent issuance of a report on stablecoins, in which it raised concerns about the transparency of major issuers like Tether (USDT). Tether, whose USDT stablecoin holds a significant share of the cryptocurrency market, criticized Deutsche Bank’s report for lacking substantial evidence or concrete data.

Deutsche Bank’s collaboration with MAS demonstrates its commitment to exploring the potential of blockchain technology in asset tokenization. The partnership aims to develop innovative solutions for digital fund management and investment servicing, contributing to the progress of the industry as a whole.

7 thoughts on “Deutsche Bank Joins Singapore’s Asset Tokenization Project

  1. Deutsche Bank’s track record doesn’t exactly inspire confidence. I’m skeptical about their ability to successfully implement this project.

  2. I’m not convinced that Deutsche Bank’s collaboration with MAS will lead to any real advancements in asset tokenization.

  3. It’s laughable that Deutsche Bank thinks they can contribute to industry progress. They’ve only contributed to their own downfall.

  4. It’s hard to believe that Deutsche Bank is genuinely committed to blockchain technology after all the scandals they’ve been involved in.

  5. Deutsche Bank’s collaboration with MAS seems like a desperate attempt to stay relevant in the blockchain space.

  6. Deutsche Bank partnering with MAS doesn’t make me feel any better about their involvement in this project. I still have my doubts.

  7. This is just another attempt by Deutsche Bank to save face after their reputation has been tarnished. I’m not buying it.

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