Deutsche Bank announced that it will strategically advance the development of blockchain technology to address challenges faced by the financial services industry.The German banking giant is currently involved in Project Guardian in Singapore, which is led by the Monetary Authority of Singapore and aims to leverage the benefits of blockchain for the financial market.Deutsche Bank is currently testing a new platform based on the Ethereum network to provide services for tokenized funds under Project Guardian. Anand Rengarajan, Head of Securities Services for Asia-Pacific and the Middle East and Global Sales Head at Deutsche Bank, emphasized the urgency of adopting innovative technology. He said, "Blockchain is critical to helping us stay competitive because margin compression is affecting the financial services industry."According to Rengarajan, blockchain and smart contract-based solutions can significantly reduce costs, shorten transaction times, and minimize risk.

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