MAS proposes framework for digital asset networks
The Monetary Authority of Singapore (MAS) published on 26 Jun 2023 a report proposing a framework for designing open, interoperable networks for digital assets (i.e., tokenised real-economy and financial assets). The report Enabling Open & Interoperable Networks was jointly developed with subject matter experts at the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructure (CPMI), with contributions from participating financial institutions.
In the area of asset and wealth management, pilots range from digital structured products to tokenised investment vehicles:
HSBC, Marketnode and UOB have successfully concluded a technical pilot on the issuance and distribution of a digitally native structured product. The pilot successfully demonstrated the potential for lower issuance and servicing costs, reduced issuance and settlement times, deeper customisation, and broader distribution for participants within the structured product chain. A further pilot will focus on the issuance of multi-currency and debt/equity linked structured notes under HSBC’s existing issuance programme, tokenised by Marketnode’s multi-asset issuance platform, and distributed by UOB for its wealth management activities.
Read the full announcement here: https://www.mas.gov.sg/news/media-releases/2023/mas-proposes-framework-for-digital-asset-networks