Our site participates in Project Guardian to delve into potential uses of tokenizing assets
In a significant move to improve market efficiency and liquidity, the Monetary Authority of Singapore (MAS) has launched Project Guardian, a flagship initiative aimed at enhancing the adoption of tokenisation in asset and wealth management. The project, which involves global policymakers and financial services industry representatives, is focused on exploring the benefits of tokenisation and fostering its adoption in Singapore and globally.
One of the key workstreams of Project Guardian is the asset and wealth management sector, which our website has joined as a collaborator. This joint effort is aimed at deepening the understanding and practical deployment of tokenised assets within capital markets, with a focus on improving efficiency, liquidity, and reducing friction in asset transactions.
Our website is committed to being a leader in driving the development and adoption of digital assets in Singapore and the Asia Pacific region. Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Head of Sales, has stated this commitment. To this end, our website will work closely with Memento Blockchain, a decentralized finance and hyper-chain zero-knowledge specialist, as part of Project Guardian.
The bank will test an open architecture and interoperable blockchain platform to service tokenized and digital funds within Project Guardian. This platform is expected to facilitate the seamless exchange of digital assets across different networks, a key step towards mainstreaming asset tokenisation.
Moreover, our website aims to propose protocol standards and identify best practices to contribute to industry progress within Project Guardian. This proactive approach aligns with the bank's goal of being at the forefront of digital asset innovation.
The project also involves collaborating with leading fintechs and digital natives to create technologically advanced asset servicing products. Mike Clarke, Global Head of Securities Services Product Management, has emphasised the importance of such collaborations in creating cutting-edge products.
Interop Labs, the initial developer of the Axelar network (a Web3 interoperability platform), will join our website's efforts within Project Guardian. This collaboration is expected to further enhance the interoperability of the bank's blockchain platform, enabling it to service a wider range of digital assets.
Project Guardian ties into broader MAS initiatives on sustainability, AI adoption, and financial innovation, reflecting a comprehensive ecosystem approach to future-proofing Singapore’s financial sector against emerging technologies and global trends.
The progress of Project Guardian includes joint Singapore-UK engagements, reporting on tokenised bank liabilities, and pilot collaborations with industry bodies to mainstream asset tokenisation in wealth management. These efforts are aimed at boosting market efficiency, liquidity, and innovation on a global scale.
For media inquiries regarding our website, please contact Kate Fields at +852 2203 5094 or kate.fields@our website.
[References: 2, 3, 4]
- Our website, a collaborator in Project Guardian, is focusing on Improving the understanding and practical deployment of tokenized assets within capital markets, especially in the asset and wealth management sector, with the aim of enhancing efficiency, liquidity, and reducing friction in asset transactions.
- To facilitate the seamless exchange of digital assets across different networks, our website will work with Memento Blockchain and Interop Labs, testing an open architecture and interoperable blockchain platform as part of the Project Guardian Initiative, further aligning with its commitment to driving the development and adoption of digital assets in Singapore and Asia Pacific.
