Deutsche Bank announced that it will strategically promote the development of blockchain technology to address challenges facing the financial services industry.
The German banking giant is participating in Singapore’s Project Guardian, a project led by the Monetary Authority of Singapore that aims to harness the benefits of blockchain for financial markets.
Deutsche Bank is currently testing a new platform based on the Ethereum network to serve tokenized funds under Project Guardian. Anand Rengarajan, head of securities services and global sales for Asia Pacific and the Middle East at Deutsche Bank, stressed the urgency of adopting innovative technologies. "Blockchain will be critical in helping us stay competitive as margin compression affects the financial services industry," he said.
According to Rengarajan, blockchain and smart contract-based solutions can significantly reduce costs, shorten transaction times and minimize risks. (Bloomberg)