The Monetary Authority of Singapore (MAS) has introduced five more industry pilots under Project Guardian to test various use cases around asset tokenization.
Project Guardian is a collaborative initiative led by the Central Bank of Singapore to develop new financial infrastructure using elements of decentralized finance (DeFi). The latest measures aim to develop the underlying capabilities to expand the tokenization market.as explained Monetary Authority of Singapore:
“These developments under Project Guardian will promote institutional adoption of digital assets and aim to unlock liquidity, unlock investment opportunities and improve the efficiency of financial markets.”
Among Project Guardian’s 17 financial institution members, Citigroup, T. Rowe Price Associates, Inc., and Fidelity International are testing bilateral digital asset trading mechanisms and exploring real-time post-trade reporting and analysis of digital asset transactions. Ant Group is testing the ability of treasury management solutions to enhance global liquidity management funds.
In addition, Bank of New York Mellon and OCBC Bank have also assumed the responsibility of testing cross-border foreign exchange payment solutions across heterogeneous network payments. Franklin Templeton is testing tokenized money market funds through a variable capital company (VCC) structure, while JPMorgan and Apollo are teaming up to tackle the time-consuming manual process of using digital assets for asset servicing.
related: Singapore plans joint cryptocurrency pilot with Japan, Switzerland and UK
In addition to the five pilots, MAS also launched Global Layer 1 (GL1) to explore the design of an open digital infrastructure that will host tokenized financial assets and applications. The central bank has also worked with the financial industry to develop the Interconnect Network Model (INM), which will serve as a common framework for exchanging digital assets across independent networks between financial institutions.
In addition to the above information, the Hong Kong Monetary Authority also revealed that the International Monetary Fund (IMF) was included as one of the policy makers in the “Guardian Plan”.
Magazine: I spent a week working on VR. However, it’s mostly scary…
Svlook
