MAS adds that several financial institutions, Citi, HSBC, Schroders, Standard Chartered and United Overseas Bank (SGX:U11
) (UOB) have formed the Guardian Wholesale Network industry group, which intends to establish a multi-member network to commercialise their respective asset tokenisation trials and scale usage.
The Monetary Authority of Singapore (MAS) announced four plans to advance tokenisation in financial services on Nov 4.
One such plan includes forming commercial networks to deepen the liquidity of tokenised assets through Project Guardian. Following successful industry trials, MAS is facilitating the commercialisation of the products and services under Project Guardian by connecting a broader set of participants’ products and services across multiple currencies and assets. Through this, greater improvements in capital raising, secondary trading, asset servicing and settlement of tokenised assets may be realised, says the central bank in its Nov 4 statement.
