On 13 November 2025, the Monetary Authority of Singapore and the Deutsche Bundesbank signed a Memorandum of Understanding to collaborate on cross border digital asset settlement. The MoU aims to enhance international financial transactions, including flows between Singapore and Germany. The MoU focuses on developing settlement solutions that reduce cost and processing time for cross border transfers. It also promotes common standards for payments, foreign exchange and securities settlement involving tokenised assets. The MoU was signed on 13 November 2025 at the Singapore FinTech Festival. The Deutsche Bundesbank joined the Guardian Policymaker Group in November 2024. The partnership builds on Project Guardian, MAS’ initiative to enhance liquidity and market efficiency through asset tokenisation. The MoU was signed during the Singapore FinTech Festival by senior representatives of both central banks. The authorities agreed that the work will strengthen economic and financial cooperation and lay foundations for future digital financial infrastructure.
The MoU supports technological and financial innovation in cross border settlement, and aims to improve the speed, cost efficiency and interoperability of digital asset transactions between Singapore and Germany.
Areas of collaboration
The authorities of both the countries will work together to foster new settlement solutions that reduce the cost and processing time of cross border transfers. They will promote common standards for payments, foreign exchange and securities flows involving tokenised assets, with an objective is to enhance interoperability across digital asset platforms.
Connection to Project Guardian
The MoU extends on Project Guardian, which enhance liquidity and efficiency in financial markets through asset tokenisation. The initiative involves collaboration between policymakers and the financial industry.
Official statements
Mr Leong said, “Through this new partnership with the Deutsche Bundesbank on digital asset settlement, we hope to enhance financial connectivity in ways that benefit individuals, corporates and financial market participants in both our economies. This also lays the groundwork for future digital financial infrastructure.”
Mr Balz stated, “The partnership with MAS reflects our shared commitment to advancing new financial infrastructures. Together, we aim to foster technological innovation and set new standards for efficiency and interoperability in international payments and securities transactions.”
