Singapore’s Memento Blockchain Concludes Project DAMA Proof of Concept
Deutsche Bank and Memento Blockchain of Singapore have revealed the conclusion of the Project DAMA proof of concept. On 5 August 2022, the Monetary Authority of Singapore (MAS) Financial Sector Technology Innovation (FSTI) Proof of Concept (POC) funding was awarded to Project DAMA (Digital Assets Management Access). This collaborative effort between Deutsche Bank and Memento Blockchain seeks to render digital fund management and investment servicing more effective, secure, and adaptable.
Specifically, the initiative addresses issues associated with launching or gaining access to digital cash, such as exorbitant costs and time-consuming procedures. With Project DAMA, asset managers and their prevailing transfer agents, fund managers, and custodians can utilize a digital fund investment servicing platform that facilitates the start and administration of digital funds.
Project DAMA can also function as a framework with an open standard that gives investors access to funds from various asset managers. Influenced by the Soulbound Token, Project DAMA investigated the construction of a distinct and non-transferable token (SBT). This crypto token would serve as a wallet owner’s digital identity and image. In addition to permitting asset managers to adhere to applicable laws, the crypto token can guarantee that only certified investors and legal firms can contribute in digital funds.
Additionally, the project investigated the creation of a decentralized payment and asset exchange portal that investors can utilize to exchange fiat currency for digital currency or assets. Models of intelligent contracts have been put in place to provide investors with a vibrant range of options based on their individual preferences. Deutsche Bank officials characterized digital asset administration as the following logical step after tokenization, as reported by marketsmedia.com. They also highlighted the asset administration and investment handling capabilities of Project DAMA, including digital identity, mass customization, and decentralized apps.
According to the same authority, Memento Blockchain representatives elaborated on their collaboration with Deutsche Bank, including how they offered technical and execution knowledge and how the financial institution shared performance specifications.
Both organizations collaborated on the layout of the platform to build a practical framework that combines transfer agent, fund management, safekeeping, and remittances for the digital fund ecosystem, while also enabling an open structure that allows asset self-custody.
Memento Blockchain was established in 2017 by a group of finance and technology professionals, and it focuses on blockchain-associated solutions. In addition to launching four distinct retail solutions on four distinct blockchains, the company offers internal auditing and development services.