The Monetary Authority of Singapore signs a memorandum of understanding with the German central bank for cross-border settlement of digital assets

According to the Monetary Authority of Singapore (MAS), the MAS has signed a memorandum of understanding with the Deutsche Bundesbank to collaborate on cross-border settlement of digital assets.

Under the memorandum, both parties will cooperate on technological and financial innovations, including: developing new settlement solutions to reduce the cost and processing time of cross-border transfers between Singapore and Germany; promoting universal standards for cross-border payments, foreign exchange, and the liquidity of tokenized assets to enhance interoperability between different digital asset platforms.