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

HSBC, JPMorgan's Kinexys, MUFG, Societe Generale-Forge and Standard Chartered announced on November 4 the launch of GL1 Org, a non-profit in Singapore to develop and promote common standards and frameworks for tokenized financial markets. The organization builds on the Monetary Authority of Singapore's Project GL1, which explores shared ledger infrastructure letting regulated financial institutions across jurisdictions deploy tokenized assets. GL1 Org will take forward the project's existing control framework for assessing market infrastructure suitability and its systematic approach to embedding regulatory and policy requirements into digital finance infrastructure. The move matters because five major global banks are aligning behind a single standards body hosted in one of Asia's key tokenization hubs, a step toward interoperable rather than fragmented tokenized asset markets. What to watch next is which additional institutions join GL1 Org and whether its frameworks get adopted in live cross-border tokenized asset deployments.