The Monetary Authority of Singapore (MAS) Expands Blockchain Experiment
The Monetary Authority of Singapore (MAS) has announced its plans to expand its blockchain experiment by adding three new asset classes to its ongoing pilot program. This expansion is part of MAS’s Project Guardian program, which aims to explore the applications of blockchain technology in the financial markets. The three new domains being explored are asset and wealth management, fixed income, and foreign currency.
- MAS’s Project Guardian program is an industry pilot effort to test the feasibility and effectiveness of public blockchain technology in facilitating the trading of digital assets across platforms. It will be released in May 2022.
- To oversee the pilot project for the new domains, MAS has established the Project Guardian Industry Group, which includes eleven member financial institutions, such as HSBC, UBS, and Schroders.
- Asset and wealth management experiments will involve digitalized goods and tokenized investment vehicles, such as the issuance of a variable capital company (VCC) fund on digital asset networks.
- Fixed-income and foreign exchange experiments will include tokenized asset-backed securities, tokenized bonds, and bank liabilities. Notable collaborations in this domain include Standard Chartered and supply chain fintech firm Linklogis.
- The initiative has garnered international interest, with Japan’s Financial Services Agency participating alongside its international counterparts for the first time.
Hot Take: MAS’s expansion of its blockchain experiment demonstrates its commitment to exploring the potential of blockchain technology in the financial markets. By collaborating with industry leaders and testing various asset classes, MAS aims to unlock new opportunities for innovation and enhance tradeability in the digital asset space.
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