Monetary Authority Of Singapore And Industry Giants Forge Ahead With Tokenization Pilots
Portfolio Pulse from Murtuza Merchant
The Monetary Authority of Singapore (MAS) is advancing asset tokenization through Project Guardian, partnering with 17 financial institutions to test five new applications. These include digital asset trading improvements (Citi, T. Rowe Price, Fidelity International), cross-border FX payment solutions (BNY Mellon, OCBC), and a treasury management system (Ant Group). MAS is also developing the Global Layer One (GL1) initiative with BNY Mellon, DBS, JP Morgan, and Mitsubishi UFJ Financial to support tokenized assets trading. The IMF is involved in providing policy insights, and a whitepaper on the Interlinked Network Model (INM) has been released.
November 15, 2023 | 3:43 pm
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POSITIVE IMPACT
BNY Mellon is collaborating with MAS on cross-border FX payment solutions and the GL1 initiative to support tokenized asset trading.
BNY Mellon's involvement in significant initiatives like cross-border FX payment solutions and GL1 suggests a positive impact on the company's innovation and market positioning in digital finance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
JP Morgan is part of the GL1 initiative with MAS, aiming to create a digital infrastructure for trading tokenized assets.
JP Morgan's participation in the GL1 initiative indicates a strategic move towards digital asset trading infrastructure, likely to enhance its offerings in the financial technology space.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Mitsubishi UFJ Financial Group is involved in the GL1 initiative with MAS to develop infrastructure for tokenized asset trading.
Mitsubishi UFJ Financial Group's engagement in the GL1 initiative reflects a commitment to digital asset infrastructure, potentially benefiting its position in the evolving financial technology landscape.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80