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Monetary Authority of Singapore expands asset-tokenization initiatives

( November 15, 2023, 06:54 GMT | Official Statement) -- MLex Summary: The Monetary Authority of Singapore today announced five new industry pilots under its Project Guardian initiative to test promising asset tokenization use cases. These include a cross-border foreign exchange payment solution by BNY Mellon and OCBC, real-time multi-currency clearing and settlement by Ant Group and a tokenized money market fund through a variable capital company structure. MAS is also collaborating with policymakers and financial institutions to develop a Global Layer One digital infrastructure for hosting tokenized financial assets and applications, which will facilitate seamless cross-border transactions and enable tokenized assets to be traded across global liquidity pools. The regulator is also collaborating with the financial industry to develop an Interlinked Network Model, which will allow financial institutions to exchange digital assets without the need for all of them to be on the same network.The full statement follows: ...

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