The Monetary Authority of Singapore (MAS) has announced an innovative initiative, Project Guardian, with the aim of transforming financial services through the tokenization of assets. This project, which includes the participation of more than 40 financial institutions, aims to market and develop the use of tokenized assets in capital markets, in areas such as fixed income and funds.
Financial Leaders Collaboration
Under the Guardian Project, renowned banking institutions such as Citi, HSBC, Schroders, Standard Chartered and UOB have joined forces to form the Guardian Wholesale Network. This industrial group seeks to coordinate tests of asset tokenization, promoting its adoption and expanding its application at a commercial level.
Leong Sing Chiong, Deputy Managing Director of MAS, expressed enthusiasm for this collaboration:
We are encouraged by the active participation of financial institutions and policymakers to create industry standards and risk management frameworks that enable efficient deployment of tokenized capital markets products.
Leong Sing Chiong
Expansion of the Global Layer One platform
In addition to trading tokenized assets, MAS has expanded the reach of its Global Layer One (GL1) platform.
GL1, launched in 2023, aims to build a compatible digital infrastructure and facilitate international trading of tokenized assets. The platform is designed to ensure a unified governance system, risk management controls and settlement agreements, promoting interoperability in asset trading.
New frameworks for tokenized assets
MAS also introduced two industry frameworks developed by the Guardian group. The Guardian Fixed Income Framework (GFIF) sets guidelines for bond tokenization, while the Guardian Funds Framework (GFF) focuses on best practices for tokenized funds.
These frameworks seek to offer clear guidelines to ensure that tokenized assets comply with international standards, thus improving transparency and security in the use of these new technologies.
This initiative marks a decisive step in building an ecosystem of tokenized capital markets in Singapore, with the potential to elevate liquidity and transform financial services globally.
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