In order to promote tokenisation in financial services, the Monetary Authority of Singapore (MAS) has revealed plans.

In order to do this, MAS will create industry frameworks for the deployment of tokenised assets, create commercial networks to increase liquidity for tokenised assets, create an ecosystem of market infrastructures, and provide a single settlement facility accessible to these assets.

MAS is enabling the coordinated, networked marketing of Project Guardian participants in order to fulfill its objective of increasing the liquidity of tokenised assets through the creation of commercial networks.

According to MAS, more advancement in capital raising, secondary trading, asset servicing, and tokenised asset settlement might be achieved by linking a wider range of participants' goods and services across various currencies and assets.

MAS will broaden the scope of its e Global Layer One (GL1) effort to create a network of market infrastructures that would enable smooth cross-border transactions and allow tokenised assets to be traded internationally.

Euroclear and HSBC have joined Gl's industry participants to assist the growth.

In order to create control principles for digital assets securities, GL1 will form a new market infrastructure working group with international financial tokenization market infrastructure providers.

To encourage broader use of tokenised assets among financial institutions, Project Guardian has launched the Guardian Funds Framework (GFF) and the Guardian Fixed Income Framework (GFIF).

Through the SGD Testnet, which has a settlement facility, programmability, and interoperability, MAS tokenization will also make it easier for financial institutions to use common settlement assets like S$ wholesale CBDC.

Eligible institutions under Project Guardian and Project Orchid will have access to the test network. Targeting use cases in payments and tokenized securities settlement, the initial members include DBS, OCBC, Standard Chartered, and UOB.

According to Patrick Lee, CEO of Standard Chartered's Singapore and ASEAN division, the bank will be able to better service its customers, streamline transactions, and influence the direction of the digital assets market thanks to its involvement. This collaboration demonstrates Standard Chartered's dedication to leadership and innovation in digital finance. They are thrilled to help Singapore become a major center for digital finance.