The Monetary Authority of Singapore (MAS) and the German Federal Bank have joined forces in a groundbreaking initiative to streamline cross-border digital asset settlement between Singapore and Germany. This collaboration, announced during the Singapore FinTech Festival, will develop innovative solutions to reduce transaction costs and speed up transfers. The agreement also aims to establish universal standards for payments, foreign exchange, and securities transactions involving tokenized assets. This partnership builds upon MAS’s ‘Project Guardian,’ which focuses on enhancing financial market efficiency through asset tokenization. Both central banks expressed confidence that this collaboration will strengthen the existing financial ties between Singapore and Germany.