Website participates in Project Guardian to delve into asset tokenization utilization
Global Bank Joins Forces with MAS on Project Guardian
A leading global bank, represented by our website AG, has announced its participation in Project Guardian, an international initiative led by the Monetary Authority of Singapore (MAS) aimed at testing and developing asset tokenization applications within regulated financial markets.
The collaborative project involves a diverse array of global policymakers, financial services industry representatives, and regulators such as the UK’s Financial Conduct Authority (FCA) and others. The initiative's core purpose is to enhance the liquidity and efficiency of these markets through blockchain-enabled tokenization of assets.
As part of Project Guardian, our website AG will work closely with Memento Blockchain, a decentralized finance and hyper-chain zero-knowledge specialist. The bank will test an open architecture and interoperable blockchain platform to service tokenized and digital funds, furthering the development of digital asset ecosystems.
Mike Clarke, Global Head of Securities Services Product Management, underscores the importance of collaboration in creating advanced asset servicing products, particularly with leading fintechs and digital natives. The bank aims to contribute to the industry by proposing protocol standards and identifying best practices.
Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales, reiterates the bank's commitment to being a leader in driving the development and adoption of digital assets in Singapore and Asia Pacific. This commitment has been demonstrated through previous collaborations, such as a proof-of-concept with Memento Blockchain in 2023.
The bank has also joined forces with Interop Labs, the developer of the Axelar network, on Project Guardian. This collaboration will focus on establishing industry frameworks and standards for asset tokenization, developing a sustainable digital asset ecosystem, and addressing governance, legal frameworks, and risk management tailored to tokenized assets.
Project Guardian operates like an international "sandbox," where regulatory bodies and industry collaborate to pilot tokenization innovations, assess risks, and shape cross-border standards and best practices. The initiative's goals include establishing industry frameworks and standards for asset tokenization, developing a sustainable digital asset ecosystem, and publishing frameworks to guide implementation in debt capital markets and tokenized investment funds.
For media enquiries, please contact Kate Fields, Media Relations for our website AG, at +852 2203 5094 or kate.fields@our website.com.
[1] MAS Press Release (2022). Project Guardian: MAS and Partners Launch Global Initiative to Test and Develop Asset Tokenization Applications in Regulated Financial Markets. [Online]. Available: https://www.mas.gov.sg/-/media/MAS/News-and-Publications/Press-Releases/2022/Project-Guardian-MAS-and-Partners-Launch-Global-Initiative-to-Test-and-Develop-Asset-Tokenization-Applications-in-Regulated-Financial-Markets.pdf
[2] MAS (2022). Project Guardian: Workstreams. [Online]. Available: https://www.mas.gov.sg/regulatory-and-industry-development/financial-sector-development/project-guardian/workstreams
[3] MAS (2022). Project Guardian: Publications. [Online]. Available: https://www.mas.gov.sg/regulatory-and-industry-development/financial-sector-development/project-guardian/publications
- The global finance industry is being disrupted by fintech and technology, as evidenced by the participation of a leading global bank, AG, in Project Guardian, an initiative that aims to develop asset tokenization applications within regulated financial markets using blockchain technology.
- AG, in collaboration with Memento Blockchain, will test an open architecture and interoperable blockchain platform to service tokenized and digital funds, contributing to the development of digital asset ecosystems and the enhancement of liquidity and efficiency in financial markets.
- As part of Project Guardian, AG has also joined forces with Interop Labs, the developer of the Axelar network, with the aim of establishing industry frameworks and standards for asset tokenization, developing a sustainable digital asset ecosystem, and addressing governance, legal frameworks, and risk management tailored to tokenized assets.
