ANZ has announced its participation in the Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre’s (DFCRC) Project Acacia research program. The bank will lead two use cases focusing on tokenised finance as part of this initiative.
The pilot will see ANZ exploring Tokenised Trade Payables and Tokenised Bonds to understand how digital money can aid the development of wholesale tokenised asset markets in Australia.
Nigel Dobson, ANZ Banking Services Lead, stated: “These pilots are a unique opportunity to explore how tokenised assets and digital money can unlock new efficiencies, liquidity, and resilience in Australia’s financial system. We’re looking forward to seeing how this could shape the future of tokenised payments.”
The Tokenised Trade Payables use case addresses working capital and cash flow challenges faced by suppliers. It explores the potential for digital currencies like wholesale Central Bank Digital Currency (wCBDC) to automate settlement and enhance liquidity in wholesale markets. Partners in this endeavor include Netwealth, MessageXchange, with support from RMIT University.
In parallel, the Tokenised Fixed Income use case examines benefits associated with using wCBDC as a form of tokenised money for credit and liquidity risk-free settlements. This involves automating issuance, corporate actions, and settlement through smart contracts. Austraclear joins ANZ as an advisor for this project.
Project Acacia's pilot program is set to run over six months with collaboration between ANZ, industry stakeholders, and academic partners.
Mr. Dobson added: “These pilots build on our enterprise payments investment, our leadership in trade and capital markets digitisation, and existing capability in stablecoin, marketplace and asset tokenisation. We’re committed to working alongside our customers and regulators to benefit the future of financial infrastructure.”
This initiative forms part of a broader effort by RBA and DFCRC to assess how digital money might support Australia's financial system's future development. Various applications including settlement models for tokenized assets will be tested during these pilots.
For further information on Project Acacia or media inquiries contact Siobhan Jordan at +61 403 988 326 or Alexander Liddington-Cox at +61 474 701 469.