According to Odaily, Deutsche Bank has announced its strategic advancement in blockchain technology to tackle challenges faced by the financial services industry. The German banking giant is participating in Singapore's Project Guardian, an initiative led by the Monetary Authority of Singapore, aimed at leveraging the benefits of blockchain for the financial market.
Deutsche Bank is currently testing a new platform based on the Ethereum network to service tokenized funds under Project Guardian. Anand Rengarajan, Deutsche Bank's Head of Securities Services for Asia Pacific and the Middle East, and Global Head of Sales, emphasized the urgency of adopting innovative technologies. He stated that blockchain is crucial for maintaining competitiveness as profit margin compression impacts the financial services industry.
According to Rengarajan, blockchain and solutions based on smart contracts can significantly reduce costs, shorten transaction times, and minimize risks to the greatest extent possible.