MAS launches new industry pilot in wealth management; HSBC, UOB and Marketnode will collaborate to enable native digital issuance of wealth management products
Since the announcement of Project Guardian in May 2022, MAS has engaged the financial industry to identify key areas for collaboration. These include:
Carrying out industry pilots with financial institutions and FinTechs, in Singapore and other jurisdictions, to develop good asset tokenisation use cases for financial services. Such pilots allow the industry to identify opportunities to unlock economic value, and surface potential risk management issues.
Studying regulatory and risk management implications of tokenised asset transactions, such as the regulatory treatment of tokenised liabilities and appropriate governance for institutional DeFi structures, to promote oversight and accountability.
Developing technology standards to support interoperability across the digital asset ecosystems with the potential to facilitate cross currency transactions of tokenised assets globally. This involves first establishing a common identity and access framework supported by trust anchors - regulated financial institutions that screen, verify and issue verifiable credentials to entities that wish to participate in the DeFi protocols.
Arising from the industry engagements, Marketnode is proud to announce that under the theme of Wealth Management, HSBC and UOB are working with Marketnode to enable native digital issuance of wealth management products, enhancing issuance efficiency and accessibility for investors.
Read the full announcement here: https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live