Deutsche Bank AG has announced its strategic push into blockchain technology as a potential remedy for the margin compression challenges facing the financial services industry, Bloomberg News reported on May 29.
The German banking giant is participating in Singapore’s Project Guardian, an initiative led by the Monetary Authority of Singapore, which aims to harness the benefits of blockchain for financial markets.
Deutsche Bank is currently testing a new platform built on the Ethereum network that is designed to offer services for tokenized funds under Project Guardian.
Anand Rengarajan, Deutsche Bank’s head of securities services in Asia-Pacific and Middle East and global head of sales, highlighted the urgency of adopting innovative technologies. He said:
“Blockchain will be crucial in helping us remain competitive as margin compression impacts the financial services sector.”
According to Rengarajan, blockchain and smart contract-based solutions can significantly lower costs, r
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