Deutsche Bank joins Singapore's RWA Project Guardian, researching tokenization of funds

Deutsche Bank's latest announcement reveals that the bank has joined Singapore's official RWA Project Guardian initiative. As part of advancing tokenization technology, Deutsche Bank will assist in testing an open architecture and interoperable blockchain platform to offer product services including digital funds.

Deutsche Bank Joins Singapore's Project Guardian

The announcement reveals that Deutsche Bank has joined the Monetary Authority of Singapore (MAS)'s Project Guardian initiative, collaborating with financial institutions, including the Singapore central bank, to explore tokenization of financial products, real assets, and financing markets.

The bank emphasizes that it will assist in designing and testing an open and interoperable blockchain platform to provide services for tokenized products and digital funds, propose relevant protocol standards, and establish the best practices for industry advancement.

It is reported that Deutsche Bank is expected to closely collaborate with the digital asset management platform Memento Blockchain, with whom they have previously collaborated on the launch and management of digital funds, to jointly release the collaborative project DAMA.

Anand Rengarajan, Head of Securities Services for Asia Pacific at Deutsche Bank and Global Sales Manager, expressed:

Participating in Project Guardian will help us shape new dimensions of financial services, enabling us to more powerfully engage in industry advancement; not only predicting customer needs but also surpassing their expectations.

He added, "We will continue to focus on promoting the development and application of digital assets in Singapore and the Asia Pacific region to become an industry pioneer."

What is Project Guardian?

As an official asset tokenization project in Singapore, MAS announced the Project Guardian initiative in May 2022, collaborating with global financial giants on the adoption of DeFi and RWA technologies in the real world.

Specifically, participants in the project include blockchain platform Onyx under JPMorgan Chase, HSBC, UBS Asset Management, Standard Chartered Bank, Citibank, DBS Bank, SBI Digital Asset Holdings, the UK FCA, and the Japanese Financial Services Agency.

Project Guardian reportedly completed its first pilot transactions in November 2022, conducting forex and multi-government bond trades using a liquidity pool.

MAS collaborates with the Japanese Financial Services Agency on Project Guardian, and 11 financial institutions pilot cross-network digital asset transactions

Countries Actively Exploring RWA Applications

Singapore has been not only delving into RWA technology but also striving to clarify regulations on crypto transactions, including expanding oversight on digital payments and issuing licenses to exchanges.

Singapore Exchange DigiFT introduces US Treasury Bond tokenized certificates, with the RWA market value steadily rising

Meanwhile, Deutsche Bank is also keeping up, actively participating in SWIFT's CBDC sandbox testing for cross-border payments and collaborating with Swiss fintech Taurus to develop digital asset custody services.

SWIFT completes trade, securities, and forex sandbox experiments to "connect digital islands," with Taiwan also participating