The Bank of Singapore presents an innovative proposal to create an open network of digital assets. This new project intends to transform the way we interact and transact with these new kinds of value by building an interconnected environment for digital assets.
The Bank of Singapore is poised to reshape the future of banking with its request for an open network, opening the door for improved effectiveness, openness, and availability in the global marketplace of digital assets.
The Monetary Authority of Singapore (MAS), Singapore’s central bank, recently published a study outlining a network architecture for trading tokenized digital assets.
Project Guardian, a collaboration between the public and private sectors effort on digital assets that MAS started in May 2022, included the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS) in the production of the study. Contributions from SBI Digital Asset Holdings, JP Morgan, HSBC, Standard Chartered, and UOB are also mentioned.
On the 26th, the Financial Services Agency declared that it would take an observer role in Project Guardian. The project’s aim is to “verify the practicality of using digital tools, such as asset tokenization, via trials while addressing hazards related to monetary security and justice.”
Regarding his involvement in the initiative, Mamoru Yanase, Counsellor of the Financial Services Agency’s Policy Bureau, stated that
“The decentralized financial system is still evolving, and while it is crucial to address dangers, blockchain technology, especially Web 3.0, may in the medium to long term become a source of innovation. We intend to expand our understanding of this topic by working with MAS and financial institutions.”