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ANZ Joins Singapore’s Project Guardian for Tokenization as First Australian Bank

01.10.2024
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ANZ became on September 30 the first Australian bank to join Singapore’s Project Guardian, a major initiative exploring the use of tokenized real-world assets (RWAs) in financial markets.

According to ANZ’s press release, the bank will collaborate with Chainlink Labs and ADDX to explore interoperability between private blockchains, facilitating the exchange of tokenized assets such as commercial paper.

ANZ’s Tokenization Goal in Singapore

The partnership will also explore the feasibility of using tokenized assets to improve the efficiency of transactions across multiple blockchain platforms. By focusing on secure and streamlined asset movement, ANZ aims to help enhance liquidity in financial markets.

One of the largest banks in Australia (ANZ Bank) is partnering with #Chainlink Labs on using CCIP for cross-chain tokenized asset use cases 🔥
This comes as ANZ Bank joins the Monetary Authority of Singapore’s Project Guardian initiative for tokenized assets https://t.co/ILCsCKEX5I pic.twitter.com/EDuYWXHAPb

— Zach Rynes | CLG (@ChainLinkGod) September 30, 2024

Launched by the Monetary Authority of Singapore (MAS) in 2022, Project Guardian brings together financial institutions and regulatory bodies to address challenges related to asset tokenization.

“ANZ has been in Singapore for 50 years and over that time, our customers have benefited from the bank having access to a regulatory environment that truly fosters innovation,” said ANZ Singapore Country Head Mark Evans.

“We’re pleased to join Project Guardian and play a role in fast-tracking the development of a stable, secure digital asset ecosystem which will be essential to meeting the future needs of our customers across the region,” stated Evans.

Improving Cross-Chain Interoperability of Tokenized Asset

The bank’s role in the project will also examine ways to improve interoperability between blockchain systems. This effort is crucial for overcoming the fragmentation that currently exists in the tokenized asset ecosystem, limiting its broader adoption.

Additionally, the project will focus on demonstrating how tokenized assets can reduce settlement times and operational costs, enabling faster and more transparent financial transactions.

“We are pleased to join Project Guardian and look forward to demonstrating how our emerging Digital Assets capabilities, such as A$DC, can be used to support our customers to move goods and capital across the region,” said ANZ Banking Services Lead Nigel Dobson.

The post ANZ Joins Singapore’s Project Guardian for Tokenization as First Australian Bank appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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