Five banks form Singapore group to develop tokenised market standards
The non-profit will build on MAS-led work on shared ledger infrastructure and help connect financial institutions and market systems across jurisdictions.
A new Singapore-based non-profit will bring five global banks together to advance standards for tokenised financial markets. Announcing the move on Nov 4, HSBC, Kinexys by JPMorgan, MUFG, Societe Generale-Forge and Standard Chartered named the group the Global Layer One Organisation (GL1 Org).
The banks said the group would promote common frameworks and standards. GL1 Org said these could give financial institutions greater confidence when operating across different infrastructure systems as the tokenisation ecosystem becomes more diverse.
The organisation follows work by the Monetary Authority of Singapore through its GL1 initiative, which is examining shared ledger infrastructure that could let regulated institutions deploy tokenised assets across jurisdictions. GL1 has developed controls for evaluating market infrastructure suitability and guiding its design, alongside a method for integrating policy and regulatory requirements into digital financial infrastructure.
GL1 Org will help refine those frameworks and promote their use. It will also back efforts to connect institutions and infrastructure across jurisdictions. The organisation said it welcomed participation by policymakers, financial institutions, fintechs, market infrastructure providers and other stakeholders.
