The Monetary Authority of Singapore (MAS) is collaborating with Deutsche Bundesbank to develop digital asset settlement.

PANews reported on November 14th, citing Techinasia, that the Monetary Authority of Singapore (MAS) and the German Federal Bank have signed a Memorandum of Understanding (MOU) to collaborate on cross-border digital asset settlement. The agreement aims to develop new settlement solutions to reduce the cost and processing time of transfers between Singapore and Germany, and to establish common standards for payments, foreign exchange, and securities flows involving tokenized assets. This initiative builds upon the MAS's "Project Guardian," which focuses on improving financial market efficiency through asset tokenization. The MOU was signed by representatives of both central banks during the Singapore Fintech Festival. Both parties stated that this collaboration is expected to strengthen financial ties between Singapore and Germany.