Digital Assets and Asset Tokenisation
MAS expands industry collaboration to scale asset tokenisation for financial services
27 June 2024
MAS expanded initiatives to scale asset tokenisation for financial services, including partnering with global industry associations and financial institutions to drive common asset tokenisation standards in fixed income, foreign exchange, and asset and wealth management. MAS, with international financial institutions, also successfully completed the first phase of the Global Layer One (GL1) initiative and plans to develop standards, market practices and governing principles of foundational digital infrastructure for tokenised assets.
The Bank for International Settlements (BIS) and central bank partners collaborate on Project Mandala
28 October 2024
BIS and its central bank partners successfully demonstrated with Project Mandala that regulatory compliance can be embedded in cross-border transaction protocols. This experimental project is a collaboration between the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), Bank Negara Malaysia (BNM) and MAS. The project, which reached proof of concept stage, aligns with the G20 priority actions for enhancing cross-border payments, as it has the potential to reduce costs and increase transaction speed, while preserving regulatory compliance.
Plans to support commercialisation of asset tokenisation
4 November 2024
MAS announced plans to advance tokenisation in financial services. These include (i) forming commercial networks to deepen liquidity of tokenised assets; (ii) developing an ecosystem of market infrastructures; (iii) fostering industry frameworks for tokenised asset implementation; and (iv) enabling access to common settlement facility for tokenised assets.
Deputy Managing Director (Markets & Development) of MAS, Mr Leong Sing Chiong, spoke on the benefits of asset tokenisation and the pathways for tokenisation to scale and achieve industry-wide adoption at the Layer One Summit.
- MAS media release, published on 4 November 2024, on MAS’ plans to support commercialisation of asset tokenisation
- Speech by Deputy Managing Director (Markets & Development) of MAS, Mr Leong Sing Chiong, "Tokenisation in Financial Services: Pathways to Scale", delivered on 4 November 2024 at the Layer One Summit