Asset tokenisation is one of the key areas that Singapore is Lexploring for its "potential" to improve the financial system, although its top central banker noted that it is still a challenge to realise its full potential.
Tokenisation is expected to cut duplication and costs, as well as increase speed of settlements, said Chia Der Jiun, the managing director of the Monetary Authority of Singapore (MAS).
"[Global financial institutions] know that it works, and the economic benefits are clear to all participants," Chia told attendees of the Singapore Fintech Festival 2024, where he spoke at a fireside chat.
Chia touted MAS' tokenisation efforts under Project Guardian, where it worked private and global financial institutions to explore tokenisation use in a plethora of finance functions.
Use cases were identified in multi-currencies, payment settlement, foreign exchange, treasury management, collateral management, and security settlement.
This story is from the Issue 110 edition of Singapore Business Review.
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This story is from the Issue 110 edition of Singapore Business Review.
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