The first framework developed by MAS, the “Guardian Fixed Income Framework,” provides guidance on the implementation of tokenization in debt capital markets. The report highlights that tokenization of fixed income instruments can provide tangible benefits such as transparency, trading efficiency and reduced settlement times between market participants. It also notes that supporting the growth and maturation of tokenized fixed income assets will be beneficial for a wider range of investors.

The other framework, the “Guardian Funds Framework,” provides a set of recommendations for industry best practices for tokenized funds. MAS states that a system called the “Guardian Composite Token Taxonomy” will facilitate the development of tokenized investment vehicles consisting of multiple assets and simplify the integration process of new token funds, ensuring faster and more efficient settlement of funds.

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MAS has conducted more than 15 sectoral trials with the use of tokenization in six different currencies and various financial products within the scope of Project Guardian, which it launched in 2022. More than 40 financial institutions, industry associations and policymakers operating in seven different jurisdictions participated in these trials. MAS states that these innovations aim to deepen liquidity in financial markets by making tokenized assets more attractive to a wider audience.

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The investigation centers on unauthorized third-party sales and transfers of Worldcoin accounts, which could be exploited for illegal purposes. While Worldcoin itself does not fall under the MAS’s definition of payment services, those who engage in buying and selling its accounts as a business may still require proper authorization.

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Globally, Worldcoin’s iris biometric data collection system has been under intense scrutiny due to privacy concerns, with several countries, including India, South Korea, Kenya, Germany, Brazil, and Spain, halting the company’s biometric data collection practices. European regulators have also raised concerns about compliance with GDPR standards. Despite these challenges, Worldcoin claims to have amassed over 10 million users by April 2023.

Singapore’s authorities have cautioned the public against transferring access to their Worldcoin accounts or World ID due to the risk of misuse. Organizations handling biometric data and other sensitive personal information must comply with the nation’s stringent data protection and security laws to prevent criminal activities.

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DBS Bank partnered with Enterprise Singapore (ESG), a government agency under the Ministry of Trade and Industry in Singapore, and the Singapore Fintech Alliance (SFA), which promotes financial technology in the country, on the pilot.

DBS Bank Aims to Distribution of Government Grants Using Smart Contracts

During the pilot, SFA distributed government grants to 27 members. DBS said blockchain-based programmable grants could increase efficiency, improve governance and enable businesses to access government grants faster.

With DBS’s permissioned blockchain, intermediaries such as ESG and SFA can set the terms of programs and manage the distribution of grants. According to DBS, this process involves grants being given to approved recipients if certain business conditions are met.

Once the conditions are met, smart contracts verify that these conditions have been met. After this process, the grants are automatically distributed to the beneficiaries.

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This solution increases management control while reducing the need for manual cash transactions by intermediaries. This allows businesses to receive cash payments from the government much faster.

In addition, the bank’s permissioned blockchain provides full visibility into the process, providing greater transparency to the organizations involved.

Learnings from MAS’ Project Orchid Initiative

DBS Bank said that the programmable grants pilot applies the bank’s learnings from MAS-led Project Orchid. The digital currency initiative is testing the benefits of tokenization with local stakeholders.

DBS has also collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On August 13, DBS launched treasury tokens, which Ant will use for liquidity and treasury management. These tokens are hosted on the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

This solution was built using systems developed by the bank at Project Guardian, another digital currency initiative led by MAS.

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