HSBC, JPMorgan, MUFG, SocGen, Standard Chartered Form GL1 Org in Singapore

Cointime update: HSBC, JPMorgan’s Kinexys, MUFG, Societe Generale-Forge and Standard Chartered announced on November 4 the launch of Global Layer One Organisation (GL1 Org), a non-profit based in Singapore, to support the development and adoption of common standards and frameworks for tokenized financial markets. GL1 Org builds on the Monetary Authority of Singapore’s GL1 initiative, which explores shared ledger infrastructure letting regulated financial institutions across jurisdictions deploy tokenized assets. GL1 Org will advance the application of existing controls and regulatory-embedding frameworks.