Deutsche Bank selects Axelar developer as partner in joining Project Guardian Singapore
Participation in Project Guardian will also involve Memento Blockchain and Interop Labs. The former, a specialist in decentralized finance and hyper-chain zero-knowledge, previously partnered with Deutsche Bank on the DAMA 1 proof-of-concept in 2023. This ongoing collaboration is set to yield DAMA 2, promising further advancements in blockchain technology. Interop Labs, known for developing the Axelar network—the Web3 interoperability platform—will also support Deutsche Bank’s efforts under Project Guardian. This project illustrates a growing trend of regulatory bodies and financial institutions examining emerging asset management technologies’ potential benefits and challenges.
Project Guardian stands as a multi-year collaborative effort. It draws participation from global policymakers like the FCA in the United Kingdom, FINMA in Switzerland, and the FSA in Japan, along with representatives from the financial services industry. This project illustrates a growing trend of regulatory bodies and financial institutions examining emerging asset management technologies’ potential benefits and challenges.
Within the framework of Project Guardian, Deutsche Bank aims to explore the functionalities of an open architecture and interoperable blockchain platform. This platform is designed to service both tokenized and digital funds. The bank’s contributions are expected to influence protocol standards and identify industry best practices, advancing the broader dialogue around digital assets.
Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales, emphasized the bank’s commitment to this venture.
“We are committed to being a leader in driving the development and adoption of digital assets in Singapore and Asia Pacific,” said Rengarajan.
He noted that their involvement in Project Guardian would enhance their ability to meet and surpass client expectations in asset servicing.
Mike Clarke, Global Head of Securities Services Product Management at Deutsche Bank, highlighted the importance of technological collaboration.
“Collaborating with leading fintechs and digital natives is key to engineering technologically advanced asset servicing products,” Clarke remarked.
This partnership is expected to boost the bank’s competitiveness and create additional value for clients through enhanced service offerings.
Boon-Hiong Chan, the bank’s Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead, leads Deutsche Bank’s efforts in this initiative. This strategic move aligns with the bank’s goal to keep pace with the rapidly evolving digital asset landscape and shape its future.
By joining forces with MAS and other industry leaders under Project Guardian, Deutsche Bank aims to position itself at the forefront of asset tokenization exploration, demonstrating a proactive approach to adapting to and influencing the dynamic world of financial technology.
