New Singapore Initiative Aims to Develop and Commercialize Tokenized Assets
The Monetary Authority of Singapore (MAS) has launched an initiative to expand tokenization in financial services, aiming to increase the liquidity of tokenized assets through commercial networks.
As part of “Project Guardian,” MAS has brought together over 40 financial institutions, including Citi, HSBC, and Standard Chartered, to trial asset tokenization in capital markets. This group, called the Guardian Wholesale Network, will work to commercialize and scale these efforts.
Additionally, MAS is broadening its Global Layer One (GL1) platform to facilitate seamless cross-border trading of tokenized assets, supporting ecosystem compatibility. The initiative also introduced frameworks to establish standards and best practices for tokenized fixed income and fund assets.
Clever Robot News Desk 7th November 2024
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