Deutsche Bank to test asset tokenization with Monetary Authority of Singapore’s Project Guardian

Deutsche Bank has joined forces with the Monetary Authority of Singapore’s Project Guardian to help test asset tokenization implementation. 

The German financial giant will be part of the asset and wealth management workstream, exploring an interoperable blockchain platform that provides services to tokenized and digital funds, according to a Tuesday release. The firm will then suggest protocol standards and best practices. 

Deutsche Bank's lead for Project Guardian is Boon-Hiong Chan, the firm's Asia Pacific head of securities and technology advocacy. Chan will work with the web3 firm Memento Blockchain and Interop Labs, developer of the web3 interoperability protocol Axelar Network. 

"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," said Anand Rengarajan, Deutsche Bank head of securities services for Asia Pacific and the Middle East and global head of sales, in a statement. 

Project Guardian

Project Guardian tests asset tokenization feasibility while addressing financial stability risks, with key players in the web3 industry working alongside policymakers. 

MAS, the UK's Financial Conduct Authority, the Swiss Financial Market Supervisory Authority and Japan's Financial Services Agency comprise members of the policymaker group, with Franklin Templeton, BNY Mellon, HSBC, UBS, Citi, Standard Crypto, JP Morgan's Onyx and others participating as industry representatives. 

Deutsche Bank's participation in Project Guardian will also further the firm's Digital Assets Management Access project, which Deutsche Bank rolled out with Memento Blockchain in 2023. The project intends to enable efficient and secure digital fund management and investment services, according to Deutsche Bank.