The Financial Authority of Singapore (MAS) is getting ready for the way forward for finance by exploring distributed ledger know-how use instances, resembling asset tokenization and cross-border funds, the city-state’s Deputy Prime Minister Lawrence Wong stated on Thursday at an occasion organized by the central financial institution.
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- “There may be great potential for improvements like tokenization and distributed ledger applied sciences to scale back the reliance on central events or intermediaries,” Wong, who additionally serves because the Minister for Finance and MAS Deputy Chairman, stated.
- The MAS is “concerned in a variety of improvements which will bear fruit over the longer-term,” he stated.
- The central financial institution launched Mission Guardian in Might, an initiative that explores the potential of asset tokenization.
- MAS can also be pursuing digital forex connectivity and collaborating in wholesale central financial institution digital forex initiatives for cross-border funds and settlements.
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