Monetary Authority of Singapore Starts Tokenization Pilots Alongside Financial Services Heavyweights

Singapore's central bank is starting to test tokenization use cases alongside major financial services firms including JPMorgan (JPM), DBS (D05) and BNY Mellon (BK). The tests will examine bilateral digital asset trades, foreign currency payments, multicurrency clearing and settlement, fund management and automated portfolio rebalancing, the Monetary Authority of Singapore (MAS) said Wednesday . JPMorgan and Apollo have carried out a "proof of concept" to demonstrate how asset managers could tokenize funds on the blockchain as part of the project, the firms announced concurrently with MAS' statement. The initiative is...