Five major banks establish GL1 Org in Singapore to advance tokenized financial market standards

TechFlow news, Nov. 5: According to The Business Times, HSBC, JPMorgan's Kinexys, Mitsubishi UFJ, Societe Generale-Forge, and Standard Chartered issued a joint statement on Nov. 4 announcing the establishment of the nonprofit organization Global Layer One Organisation (GL1 Org) in Singapore, aimed at supporting the development and adoption of common standards and frameworks for tokenized financial markets.

GL1 Org builds on the GL1 initiative of the Monetary Authority of Singapore (MAS). The initiative explores building shared ledger infrastructure that enables regulated financial institutions across different jurisdictions to deploy tokenized assets. The GL1 initiative has previously established a control framework for assessing the suitability of market infrastructure and developed a systematic approach to embedding regulatory and policy requirements into digital financial infrastructure. GL1 Org will advance the ongoing development and application of these frameworks.

Source: TechFlow