ANZ, the Australia and New Zealand Banking Group, has officially joined Singapore’s Project Guardian to look into how blockchain technology can be used to turn real-world assets (RWAs) into tokens. Singapore’s Monetary Authority (MAS) is leading the charge to use blockchain technology to make financial markets more open and efficient.
A big bank in Australia, ANZ, announced on September 30 that it was teaming up with a blockchain oracle maker called Chainlink Labs and a Singaporean finance firm called ADDX. They are going to look at how tokenized assets, like business papers, can move between different blockchain systems as a whole.
Nigel Dobson, head of financial services at ANZ, said again that the bank’s goal is to make it easier for its Australian dollar-backed stablecoin, A$DC, to move between blockchains, which will make it more flexible. At the moment, the market for tokenized assets is becoming very disorganized. This makes it hard to do deals across blockchains and slows down the movement of assets. ANZ wants to use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to fix these issues so that moves between blockchain systems can go more smoothly.
Project Guardian brings together business and political leaders to look at the pros and cons of tokenizing real-world assets. It will begin with MAS in 2022. It also moves forward projects that want to use digital assets in the whole banking system. The Project Guardian office in Singapore will help ANZ in its own country so it can work through this creative area.
Big banks like S&P Global, Deutsche Bank, and JPMorgan’s Onyx platform have worked on Project Guardian in the past. ANZ wants to be the leader in converting traditional financial assets into digital formats through collaboration. This will make the world economy more mobile and connected.
ANZ wants to be a leader in the changing world of digital banking by being the first to use blockchain technology to take advantage of new opportunities for safe, quick, and suitable asset transfers.
