Singapore launches DeFi project with JPMorgan and DBS Bank

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Singapore’s central bank, the Monetary Authority of Singapore (MAS), is joining forces with JPMorgan, DBS Bank, and Marketnode to launch Project Guardian.

The project, which is led by Deputy Prime Minister Heng Swee Keat, will pilot use cases of digital assets in tokenisation, using the three financial institutions as “trust anchors”.

Announced on 31 May at the Asia Tech X Singapore Summit, Project Guardian hopes to eventually explore decentralised finance (DeFi) applications in wholesale funding markets.

This will be conducted through a liquidity pool of tokenised bonds and deposits that allow for borrowing and lending on a public blockchain.

According to MAS’ chief fintech officer, Sopnendu Mohanty, takeaways from Project Guardian will serve as a basis for informing policy markets on the regulations required for DeFi.

JPMorgan and DBS both have independent experience when it comes to developing blockchain solutions.

JPMorgan’s Onyx Digital Assets Network has processed more than $300 billion in transactions since it launched in 2020, whilst DBS issued an $11 million bond in a security token offering last year. The Singapore-based bank also launched its own crypto exchange in 2020.

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