El Central Bank of Singapore, DBS y JPMorgan collaborate to jointly explore the uses of digital assets and the Defi sector under new project Guardian.
- MAS partners with banks to pilot use cases in digital assets
- DBS Bank and JPMorgan will pilot the project.
- The collaborative project was called Guardian
Central banks around the world continue to explore the world of cryptocurrencies and the ecosystem of decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance.
Now, the Monetary Authority of Singapore (MAS), the Asian country’s central bank, announced the start of the project. Guardian a collaborative initiative with the financial industry that seeks to explore the economic and social potential of the financial industry. value-added use cases of asset tokenization.
Project Guardian f was launched by Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policy, in the Cumbre Asia Tech x Singapore.
In this project, MAS partnered with leading banks and financial services firms to explore the uses of asset tokenization and decentralized finance (DeFi).
What is interesting, moreover, is that the Singapore bank, DBS Bank and the banking giant JPMorgan will be the entities that will participate in the pilot of the first project.
Collaborative project with the bank
The central bank described Project Guardian como “a collaborative initiative with the financial industry that seeks to explore the economic potential and value-added use cases of asset tokenization” and decentralized finance (DeFi).
“The industry’s first pilot under Project Guardian will explore possible applications of DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. in the wholesale funding markets.” MAS detailed, adding:
The pilot, led by DBS Bank Ltd, JP Morgan and Marketnode, involves the creation of an authorised liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. pool comprising tokenised bonds and deposits.
“The pilot aims to conduct secured lending on a Blockchain-based public network a network refers to all nodes in the operation of a blockchain at any given moment in time. through the execution of smart contracts” continued the MORE.
Sopnendu Mohanty, director of fintech of the central bank, explained that MAS is “closely monitoring innovations and growth in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset ecosystem and working on the potential opportunities and risks that new technologies bring, for consumers, investors and the financial system. in general.”
In this regard he noted:
“Project Guardian’s learnings will inform policy markets about the regulatory safeguards needed to reap the benefits of defi while mitigating its risks.”
For his part, Han Kwee Juan, head of group planning and strategy for DBS, Southeast Asia’s largest bank, he said:
“DBS is pleased to lead the charge in exploring potential digital assets and the use of defi concepts that will improve efficiency and scalability in trading, clearing and settlement; while managing risks to financial stability and integrity.”
It is worth noting that in February of this year, DBS bank, with more than 4 million customers, reported that it was working to expand its cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. beyond its current investor base of institutional clients.
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