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Singapore Deputy Prime sees “tremendous potential” in tokenization and DLT


forkast.news 15 September 2022 16:53, UTC
Reading time: ~2 m

The Monetary Authority of Singapore (MAS) is preparing for the future of finance by exploring distributed ledger technology use cases, such as asset tokenization and cross-border payments, the city-state’s Deputy Prime Minister Lawrence Wong said on Thursday at an event organized by the central bank. 

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Fast facts

  • “There is tremendous potential for innovations like tokenization and distributed ledger technologies to reduce the reliance on central parties or intermediaries,” Wong, who also serves as the Minister for Finance and MAS Deputy Chairman, said.
  • The MAS is “involved in a range of innovations that may bear fruit over the longer-term,” he said.
  • The central bank launched Project Guardian in May, an initiative that explores the potential of asset tokenization. 
  • MAS is also pursuing digital currency connectivity and participating in wholesale central bank digital currency projects for cross-border payments and settlements.  

See related article: Singapore’s DBS commits to crypto offerings despite slump: report

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