HSBC and Four Other Banks Establish GL1 Org to Advance Tokenized Financial Market Infrastructure Development

Odaily Reports: HSBC, JPMorgan's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge, and Standard Chartered have jointly established a Singapore-based non-profit organization called Global Layer One Organisation (GL1 Org) to advance the development of tokenized financial market infrastructure. GL1 Org will support the development and adoption of common standards and frameworks for tokenized financial markets, promoting interoperability across institutions, infrastructure, and jurisdictions. The organization builds on the Monetary Authority of Singapore's GL1 initiative, which explores the development of shared ledger infrastructure to enable regulated financial institutions to deploy tokenized assets.