DBS is the largest lender in Southeast Asia (SEA), headquartered in Singapore. Representatives of DBS bank said they have completed testing DeFi solutions for conventional markets. They tested trading Forex (foreign currency) and government bonds, using LP DeFi on the blockchain.
Among these transactions, which were confirmed by bankers, there are actions with the national currency of Singapore and the monetary unit of Japan - the Yen, transactions for the purchase and sale of tokenized government securities of Singapore, as well as government bonds of Japan.
Blockchain bank productivity - part of Project Guardian, which is backed by the Singaporean government. Project Guardian is a joint initiative between the central bank of the city-state of Singapore and the financial industry. It has been addressed to explore asset tokenization in financial risk management. Within Project Guardian, firms such as DBS, GP Morgan and SBI have released an LP that is filled with tokenized assets.
MAS - the Monetary Authority of Singapore which oversees all activities. It aims to make Singapore a leading Asian fintech hub that spans blockchain and Central Bank Digital Currencies (CBDCs).
The obtained data as a result of testing are satisfactory.
These technologies will transform current trading, as DeFi trading is the most efficient due to the direct interaction of the parties and minimal risk.
Recall, that in October, Singapore decided to tighten the requirements for the crypto lending market.
