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The Monetary Authority of Singapore (MAS) aims to support the commercialization of asset tokenization by publishing two new frameworks for funds and fixed income instruments. The steps come as part of the city-state’s “Project Guardian” initiative, which aims to increase efficiency in financial services through tokenization.
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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