The Monetary Authority of Singapore (MAS) announced new initiatives to promote tokenization in financial services, aiming to deepen asset liquidity and enhance infrastructure. Under Project Guardian, MAS has engaged over 40 financial institutions and policymakers across seven jurisdictions in trials for tokenized asset applications. The Guardian Wholesale Network, formed by Citi, HSBC, Schroders, Standard Chartered, and UOB, seeks to commercialize these trials and expand cross-border capabilities. Additionally, MAS’s SGD Testnet will allow select institutions to test tokenized settlements using Singapore’s wholesale CBDC. MAS is encouraged by industry collaboration to develop tokenized capital market standards, said Deputy Managing Director Leong Sing Chiong, highlighting the growing adoption of tokenization across markets.