Singapore, Wednesday, November 06, 2024 – The Monetary Authority of Singapore (MAS) yesterday announced new measures to accelerate asset tokenization, aiming to transform the nation’s financial services landscape.
Under its flagship Project Guardian, MAS plans to support tokenized asset markets through the establishment of commercial networks and infrastructure.
As an initial step, MAS will create networks to enhance the liquidity of tokenized assets. This builds on successful trials with leading financial institutions, including Citi, HSBC, Schroders, Standard Chartered, and UOB, which collectively form the Guardian Wholesale Network.
The coalition is set to pioneer a multi-member tokenization network, marking significant progress toward integrating digital assets in traditional finance.
In a further push, MAS has also launched the Global Layer One (GL1) initiative to develop essential digital infrastructure, facilitating cross-border transactions and aligning governance frameworks. GL1 will also support a common settlement facility, strengthening Singapore’s position as a global digital finance hub.
