The Monetary Authority of Singapore is accelerating the development of its digital financial system, preparing to test MAS Bills in token form, and moving forward with stablecoin regulation and expanding cooperation with multiple countries.
On November 13, 2025, at 2:28 PM, Reuters reported that the Monetary Authority of Singapore (MAS) is preparing to begin testing the issuance of tokenized Singapore government bills next year, while also moving forward with legislation to regulate stablecoins in order to create a secure tokenized financial system that can support future expansion.
Chia Der Jiun, Managing Director of MAS, revealed at the Singapore FinTech Festival that although tokenization technology is becoming more widely used, asset-backed tokens have not yet grown to a level where they can fully stand on their own.
MAS is currently finalizing the details of its stablecoin regulatory framework, focusing on key principles such as a stable asset reserve and assured redemption, along with supporting pilot projects under the BLOOM initiative, which will explore the use of tokenized bank liabilities and regulated stablecoins for settlement.
Xie also revealed that DBS, OCBC, and UOB banks have conducted overnight interbank lending transactions using the Monetary Authority of Singapore's digital currency (Wholesale CBDC), marking the country's first pilot CBDC deployment. MAS plans to expand the trial to include government bill payments and related transactions via the CBDC system.
In addition, MAS is set to release a regulatory guide for tokenized capital market products this week, and will work with international regulators to establish common standards and promote the adoption of asset tokenization technology in the global financial sector.
Meanwhile, MAS has signed a collaboration agreement with the Bank of England (BoE) and the Bank of Thailand (BOT) to trial a real-time, interconnected cross-border payments system across multiple platforms.
This includes signing a memorandum of understanding with the German central bank (Deutsche Bundesbank) to develop a cross-border digital asset settlement system, as part of efforts to enhance liquidity and efficiency in financial markets through tokenization technology.
Reference: www.reuters.com
Read other news
- Singapore's stock exchange is accelerating efforts to attract Chinese companies to raise capital, competing with Hong Kong for the Asian financial center.
- The Prime Minister leads the public and private sectors on a roadshow in Singapore, showcasing the potential of the Thai economy and capital market.
