Singapore and Germany Central Banks Partner on Tokenized Asset Settlement
The Monetary Authority of Singapore (MAS) and Deutsche Bundesbank have inked a memorandum of understanding to advance cross-border digital asset settlement. This collaboration targets cost reduction and faster processing times for transactions between the two nations.
The agreement focuses on developing new settlement solutions for cross-border transfers and establishing common standards for payments, foreign exchange, and securities involving tokenized assets. The partnership aligns with MAS' Project Guardian, which aims to enhance market liquidity and efficiency through asset tokenization.
"This partnership with Deutsche Bundesbank will strengthen financial connectivity between our economies," said Leong Sing Chiong, MAS deputy managing director for markets and development. The MoU was signed at the Singapore FinTech Festival, marking a significant step toward future digital financial infrastructure.
