According to Odaily, the Monetary Authority of Singapore (MAS) has announced plans to advance tokenization in the financial services sector. These initiatives include forming commercial networks to enhance the liquidity of tokenized assets, developing market infrastructure ecosystems, fostering industry frameworks for implementing tokenized assets, and enabling access to universal settlement facilities for tokenized assets.
Under the 'Project Guardian,' MAS has brought together over 40 financial institutions, industry associations, and international policymakers from seven jurisdictions to conduct industry trials on the use of asset tokenization in capital markets. Notably, Citi, HSBC, Schroders, Standard Chartered, and UOB have formed the 'Guardian Wholesale Network' industry group. This group aims to establish a multi-member network to commercialize and scale their respective asset tokenization trials.