MAS partners with Japan, UK, and Switzerland for digital innovation

The MAS Project Guardian will carry out industry pilots for digital asset management.

The Monetary Authority of Singapore (MAS) announced a partnership with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) to advance digital asset pilots in fixed income, foreign exchange, and asset management products.

MAS established the MAS Project Guardian and has collaborated with 15 financial institutions to carry out industry pilots on asset tokenisation in fixed income, foreign exchange, and asset management products.

These pilots will help with market and transaction efficiencies from the use of tokenisation.

The policymakers' objectives are as follows:

1. Advance discussions on legal, policy, and accounting treatment of digital assets; 
2. Identify potential risks and possible gaps in existing policies and legislation relevant to tokenised solutions; 
3. Explore the development of common standards for the design of digital asset networks and market best practices across various jurisdictions; 
4. Promote high standards of interoperability to support cross-border digital assets development; 
5. Facilitate industry pilots for digital assets through regulatory sandboxes, where applicable; and 
6. Promote knowledge sharing among regulators and industry. 

“Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross-border interoperability, as well as sustainable growth of the digital asset ecosystem.” Leong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, said.