Home Crypto News Singapore Introduces Asset Tokenization Pilot Tests

Singapore Introduces Asset Tokenization Pilot Tests

15 Nov, 2023 Crypto News

Singapore Introduces Asset Tokenization Pilot Tests

The Monetary Authority of Singapore (MAS) has added five new industry pilots to Project Guardian to test various asset tokenization use cases.

Project Guardian is a collaborative initiative led by Singapore's central bank to develop new financial infrastructure based on decentralized finance (DeFi) principles.

The most recent initiatives are aimed at building the foundational capabilities needed to scale tokenized markets. According to MAS:

“These developments under Project Guardian will catalyze the institutional adoption of digital assets, with the aim of freeing up liquidity, unlocking investment opportunities, and increasing the efficiency of financial markets.”

Citi, T. Rowe Price, and Fidelity International are among the 17 financial institutions involved in Project Guardian, and they are testing bilateral digital asset trade mechanisms, as well as real-time post-trade reporting and analytics of digital asset trades.

Ant Group is testing the ability of a treasury management solution to improve liquidity management funding globally.

Furthermore, BNY Mellon and OCBC have agreed to test a cross-border foreign exchange payment solution for payments across heterogeneous networks.

Franklin Templeton is experimenting with the issuance of a tokenized money market fund via a variable capital company (VCC) structure, while JPMorgan and Apollo have teamed up to tackle time-consuming manual asset servicing processes with digital assets.

MAS also launched Global Layer One to investigate the design of an open digital infrastructure that will host tokenized financial assets and applications, in addition to the five pilots.

In addition, the central bank has worked with the financial industry to create an Interlinked Network Model, which will serve as a common framework for exchanging digital assets across independent networks among financial institutions.

The MAS additionally disclosed the inclusion of the International Monetary Fund as a policymaker in Project Guardian.

Sources:

https://cointelegraph.com/news/singapore-five-pilots-test-asset-tokenization

https://www.mas.gov.sg/news/media-releases/2023/mas-partners-financial-industry-to-expand-asset-tokenisation-initiatives

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