- 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 [4] – regulated financial institutions that screen, verify and issue verifiable credentials to entities that wish to participate in the DeFi protocols.
- Trade Finance: Standard Chartered Bank is leading an initiative to explore the issuance of tokens linked to trade finance assets. The project aims to digitise the trade distribution market, by transforming trade assets into transferable instruments that are more transparent and accessible to investors.
- Wealth Management: HSBC and UOB are working with Marketnode [5] to enable native digital issuance of wealth management products, enhancing issuance efficiency and accessibility for investors.
First Industry Pilot for Digital Asset and Decentralised Finance Goes Live
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