Singapore and Germany have agreed to work on tokenised cross-border settlement under a new MoU between the Monetary Authority of Singapore (MAS) and the Deutsche Bundesbank.
The cooperation aims to improve international financial transactions, including flows between both countries.
The agreement covers joint development of settlement solutions that can reduce the cost and processing time of cross-border transfers.
The two central banks will also promote common standards for payments, foreign exchange and securities flows involving tokenised assets to support interoperability across digital asset platforms.
The partnership builds on MAS’ Project Guardian, launched in 2022 to explore how asset tokenisation can enhance liquidity and market efficiency.
The Bundesbank joined the Guardian Policymaker Group in November 2024.
Both regulators said the collaboration augments the strong financial cooperation between Singapore and Germany.
Leong Sing Chiong
Leong Sing Chiong, MAS Deputy Managing Director (Markets and Development), said,
“Through this new partnership with the Deutsche Bundesbank on digital asset settlement, we hope to enhance financial connectivity in ways that benefit individuals, corporates and financial market participants in both our economies. This also lays the groundwork for future digital financial infrastructure.”
Burkhard Balz
Burkhard Balz, Bundesbank Executive Board Member, added,
“The partnership with MAS reflects our shared commitment to advancing new financial infrastructures. Together, we aim to foster technological innovation and set new standards for efficiency and interoperability in international payments and securities transactions.”
