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

According to TechFlow, on November 5, citing The Business Times, HSBC, JPMorgan's Kinexys, MUFG, Societe Generale-Forge, and Standard Chartered issued a joint statement on November 4 announcing the establishment of a non-profit organization in Singapore, the Global Layer One Organisation (GL1 Org), aimed at supporting the development and adoption of common standards and frameworks for tokenized financial markets.GL1 Org builds on the GL1 program by the Monetary Authority of Singapore (MAS). The program explores building shared ledger infrastructure that enables regulated financial institutions across different jurisdictions to deploy tokenized assets. The GL1 program has previously established a control framework for assessing the suitability of market infrastructures and developed a systematic approach to embedding regulatory and policy requirements into digital financial infrastructure. GL1 Org will drive the ongoing development and application of these frameworks.