On 5 August 2022, Project DAMA (Digital Assets Management Access) received the Monetary Authority of Singapore (MAS) Financial Sector Technology Innovation (FSTI) Proof of Concept (POC) grant. The project was created via a collaboration between Deutsche Bank and Memento Blockchain, and it aims to make digital fund management and investment servicing more efficient, secure, and flexible.
To be specific, the project addresses related to the launching or accessing of digital funds including high costs as well as time-consuming processes. With Project DAMA, asset managers and their existing transfer agents, fund administrators, and custodians can leverage a one-stop digital fund investment servicing platform that makes launching and administering digital funds easier.
Project DAMA can also work as an open architecture platform that allows investors to access funds from different asset managers.
Project DAMA explored the creation of a unique and non-transferable token inspired by the Soulbound Token (SBT). This token would basically act as a digital identity and profile of a wallet owner. Apart from enabling asset managers to comply with any relevant regulations, the token can ensure that only tested investors, and qualified or legal entities are able to invest in digital funds.
The project also looked into creating a decentralised payment and asset exchange gateway that can be used by investors to convert fiat money to digital currency or assets. Smart contract structures were implemented in order to offer choice in a dynamic way depending on the preferences of investors.
Deutsche Bank officials cited by marketsmedia.com talked about digital asset management and described it as the next logical step after tokenization. They also emphasised Project DAMA’s asset management and investment servicing features, such as digital identity, mass customisation and decentralised applications.
Memento Blockchain officials cited by the same source offered more details regarding their partnership with Deutsche Bank, including how they provided the technical and implementation expertise and how the bank shared the functional requirements.
Both entities worked on the platform’s design in order to create a practical infrastructure that blends components of transfer agency, fund administration, custody and payments for the digital fund environment, while supporting an open architecture that enables asset self-custody.
Memento Blockchain was founded in 2017 by a team of finance and tech experts, and it specialises in blockchain-related services. The company has launched four different retail products on four different blockchains, and it also offers in-house auditing and developing services.
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