Website participates in Project Guardian, delving into the potential uses of asset tokenization
The Monetary Authority of Singapore (MAS) has announced that a prominent bank has joined its Project Guardian initiative, specifically the asset and wealth management workstream. This collaboration aims to further the adoption of tokenized assets in regulated financial markets.
Project Guardian is a multi-jurisdictional collaborative effort led by MAS, with the objective of promoting the use of tokenized assets in financial markets. The project focuses on enhancing liquidity and operational efficiency, exploring investor perspectives, driving adoption in Singapore and overseas markets, and collaborating internationally to align regulatory approaches.
The bank, in partnership with MAS, will test an open architecture and interoperable blockchain platform to service tokenized and digital funds. Mike Clarke, Global Head of Securities Services Product Management, emphasizes the importance of collaborating with fintechs and digital natives to engineer technologically advanced asset servicing products.
The bank will work closely with Memento Blockchain, a decentralized finance and hyper-chain zero-knowledge specialist, on Project Guardian. Boon-Hiong Chan, the Asia Pacific Head of Securities & Technology Advocacy and Industry Applied Innovation Lead for the bank, will be the bank's lead for Project Guardian.
The bank's participation in Project Guardian follows a previous proof-of-concept, DAMA 1, in 2023. The bank plans to propose protocol standards and identify best practices to contribute to industry progress within Project Guardian. The initial developer of the Axelar network, Interop Labs, will be joining the bank's efforts on Project Guardian.
Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales for the bank, has expressed commitment to driving the development and adoption of digital assets in Singapore and Asia Pacific. The bank's efforts on Project Guardian will deliver DAMA 2, further advancing the tokenization of assets in the financial industry.
For media inquiries regarding the bank's participation in Project Guardian, contact Kate Fields at +852 2203 5094 or kate.fields@our website.
This collaboration underscores the bank's dedication to innovation and its role in shaping the future of the financial industry, working alongside MAS, fintechs, and regulatory bodies from Singapore, the UK, and Switzerland.
- The bank, through its partnership with MAS, is focusing on wealth management by testing an open architecture and interoperable blockchain platform to service tokenized and digital funds within the Project Guardian initiative.
- The bank's commitment to innovation is evident as it collaborates with fintechs like Memento Blockchain and regulatory bodies from Singapore, the UK, and Switzerland, aiming to drive the adoption of technology in the finance industry, particularly in the field of business and finance.
