The Monetary Authority of Singapore (MAS) has introduced five more pilot projects to Project Guardian, which aims to test various use cases of asset tokenization.
Project Guardian is a collaborative initiative led by the Reserve Bank of Singapore that aims to develop new financial infrastructure using decentralized finance elements (DeFi). Recent initiatives aim to develop core capabilities to scale tokenized markets. Like illustrated From MAS:

“Such developments under Project Guardian will catalyze institutional adoption of digital assets to unlock liquidity, provide investment opportunities and improve the efficiency of financial markets.”

Of the 17 financial institutions that are part of Project Guardian, Citi, T. Rowe Price and Fidelity International are currently testing binary digital asset trading mechanisms, exploring real-time post-trade reporting and digital asset exchange analysis. Ant Group is testing the capability of a treasury management solution that will improve liquidity management financing globally.

Additionally, BNY Mellon and OCBC took responsibility for testing the cross-border foreign exchange payment solution for payments between heterogeneous networks. Franklin Templeton is testing a tokenized money market fund issuance through a variable capital company (VCC) structure, while JPMorgan and Apollo are collaborating to address the time-consuming manual processes of asset servicing using digital assets.
In addition to five pilot projects, MAS launched Global Layer One to explore the design of an open digital infrastructure that will host tokenized financial assets and applications. The central bank has also worked with the financial sector to develop an interconnected network model that will serve as a common framework for the exchange of digital assets across independent networks between financial institutions.
MAS also revealed that Project Guardian’s policymakers include the International Monetary Fund.

Translation by Walter Rizzo