Objectives

Establish standardised protocols and processes across asset classes (AWM, Fixed Income, FX) to ensure seamless interoperability in token issuance, trading, and settlement across different platforms and jurisdictions. Develop comprehensive risk management and regulatory frameworks that address custody, settlement finality, compliance requirements and maintaining robust security measures and operational resilience. Foster cross-border implementations, enabling efficient settlement and clearing across jurisdictions while maintaining regulatory alignment.

Latest Industry Publications

Guardian Fixed Income Framework (GFIF), updated with addendum (1.51 MB)

Bridging the Adoption Gap: Aligning Digital Asset Offerings with Buy-Side Requirements (783.6 KB)

Operationalising Tokenised Funds (1.83 MB)

Use Cases

Multiple industry trials have been conducted under Guardian across asset and wealth management, fixed income, and foreign exchange. These efforts have resulted in a number of live use cases, demonstrating how asset tokenisation can be integrated with existing market infrastructure. The live implementations offer tangible evidence of commercial viability, operational resilience, and alignment with regulatory requirements. Examples include Ant Group, Apollo, DBS, Franklin Templeton, Hamilton Lane, OCBC and UBS Group.  

To learn more about the industry trials and pilots, click here (189.2 KB)

Advisory

Please be aware that the Monetary Authority of Singapore (MAS) and its partner organisation will never request your personal banking details, security credentials, or private keys to digital wallets through unsolicited communications.

Funding

A new Global-Asia Digital Grant ("G-ADBG") scheme has been introduced to support the issuance of digital bonds in Singapore. Digital bonds have the potential to improve operational efficiency and lower costs, and the G-ADBG scheme seeks to catalyse broader market adoption of digital bonds in Singapore.

To learn more about the Global-Asia Digital Bond Grant Scheme (G-ADBGS), click here

Members

Guardian brings together a diverse group of industry participants, including custodians, fund managers, banks, market infrastructure providers, and industry associations, to collectively shape the future of digital finance. Through active participation in workstreams and live pilots, members contribute to the advancement of industry standards, scalable use cases, and next-generation shared ledger infrastructure.

The following groups play distinct but complementary roles in driving these efforts forward:

Guardian Publications

To support the development of foundational infrastructure for asset tokenisation, Guardian has developed a set of frameworks for designing open and interoperable digital asset networks, models for cross-ledger integration, and practical guidance for implementing tokenisation across asset classes.

Developed in close collaboration with financial institutions, industry associations, and international standard-setters, these frameworks and corresponding publications serve as reference materials to guide market participants, in navigating legal, operational, and technical considerations as they adopt tokenised financial services. 

Publications

	Operationalising Tokenised Funds (1.83 MB) - is jointly developed by the asset and wealth management industry group. This report covers legal structures for tokenised funds, considerations around interoperability and settlement, practical use cases, and enablers for scalable implementations.
	Bridging the Adoption Gap: Aligning Digital Asset Offerings with Buy-Side Requirements (783.6 KB)- is jointly developed by the Investment Management Association of Singapore (IMAS) and the Investment Association (IA) in the United Kingdom, with the support of MAS and the Financial Conduct Authority (FCA). The joint report provides actionable steps – in commercial, operational, legal and regulatory areas - for market participants and regulators to help adoption scale.
	Guardian Fixed Income Framework (GFIF) (1.51 MB) - is jointly developed by the fixed income industry group. GFIF provides an industry guide to implementing tokenisation in Debt Capital Markets, The framework integrates ICMA Capital Market Association’s Bond Data Taxonomy, Capital Markets and Technology Association’s Token Standards, and the Global Financial Markets Association’s Design Principles for Tokenised Securities. The GFIF has been updated with an addendum covering (a) DvP settlement guide for DLT-based debt securities; and (b) Lessons learnt from custody arrangements for DLT-based debt securities.
	Use of Tokenised Bank Liabilities for Transaction Banking (1.41 MB) - is jointly developed by the foreign exchange industry group. This report illustrates how tokenised bank liabilities, underpinned by shared ledger infrastructures, can enable 24/7 real-time settlement across borders and help optimise liquidity management in transaction banking
	Guardian Funds Framework (GFF) (1.23 MB) - is jointly developed by the asset and wealth management industry group. GFF provides recommendations for establishing a framework for the tokenisation of the fund lifecycle and activities, including asset servicing, and on-chain share register archetypes and data. The framework also proposes a Guardian Composable Token Taxonomy, which demonstrates how new tokenised assets, which are a composite of multiple asset classes, can be readily created.
	Interlinking Networks (1.07 MB) report proposes a common model for linking digital asset networks implemented on diverse ledger technologies and describes common archetypes for the issuance, distribution and transfer of digital assets and introduces a reference model for cross-network exchanges. The report was jointly developed in collaboration with the Financial Industry, FinTechs, and Industry Groups
	Enabling Open & Interoperable Networks (17.1 MB) report proposes a framework for designing open interoperable digital asset networks. The report was jointly developed with subject matter experts at the Bank for International Settlements' (BIS) Committee on Payments and Market Infrastructure (CPMI), with contributions from participating financial Institutions.

Reference Model

Connect to the Guardian ecosystem

As this initiative continues to develop, we welcome collaboration with industry partners, financial institutions, and fellow regulatory bodies to enhance liquidity and efficiency of financial markets through asset tokenisation.

Please register your interest here .