On 30 October 2023, the Monetary Authority of Singapore (“MAS“) announced that it is collaborating with the Financial Services Agency of Japan (“FSA“), the Swiss Financial Market Supervisory Authority (“FINMA“) and the United Kingdom’s (UK) Financial Conduct Authority (“FCA“) to promote digital asset pilots in fixed income, foreign exchange and asset management products.
By way of background, MAS has previously partnered with 15 financial institutions to carry out industry pilots on asset tokenisation in fixed income, foreign exchange, and asset management products under MAS’ Project Guardian. Project Guardian is a collaborative initiative with the financial industry that seeks to test the feasibility of applications in asset tokenisation and decentralised finance, while managing risks to financial stability and integrity. The industry pilots have demonstrated the potential to gain significant market and transaction efficiencies from the use of tokenisation.
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