Quantum update 62: Tokenisation-Cross-Border Digital Asset Settlement-Wholesale CBDCs- Artificial intelligence – Fintech-COP30 | December 2025

Singapore MAS and SFA Announce 2025 Global FinTech Hackcelerator and FinTech Excellence Award Winners

On 13 November 2025, the Monetary Authority of Singapore and the Singapore FinTech Association announced the winners of the 2025 Global FinTech Hackcelerator and the FinTech Excellence Awards at the Singapore FinTech Festival. Singapore’s FinTech innovation cycle focused on artificial intelligence as the core driver of financial transformation. Seventeen finalists presented their AI-powered solutions at Demo Day, with three teams awarded eighty thousand dollars each for market-ready applications spanning insurance automation, SME debt recovery, and behavioural finance. The FinTech Excellence Awards recognised advancing regulatory innovation, financial inclusion, sustainability, and artificial intelligence. Eight winners were selected from one hundred and fifty-five submissions by an international panel, reaffirming Singapore’s position as a global centre for responsible and future-ready FinTech development. The awards also honoured individual mentors shaping talent development and ecosystem growth, strengthening Singapore’s innovation pipeline and supporting a decade of achievement under the Singapore FinTech Festival.

• The Monetary Authority of Singapore and the Singapore FinTech Association formally recognised seventeen Hackcelerator finalists and eight Excellence Award winners, selecting three AI-driven teams for financial innovation grants and acknowledging leaders advancing inclusivity, sustainability, regulatory strength, and AI adoption.
• The awards were presented for technology deployment across wealth management, SME financing, risk analytics, compliance automation, insurance processing, behavioural analytics, and ecosystem mentoring, broadening AI’s footprint across institutional and retail financial services.
• Winning solutions enable structured insurance data processing, AI-based SME debt collection, hyper-personalised behavioural finance advisory, and compliance automation, strengthening the financial industry’s access to deployable and regulated AI tools.
• No new trading or derivatives authorisations were granted, but solutions in the Regulatory Leadership and Thematic (AI) categories strengthen digital governance and automated due diligence for financial institutions.
• The Global FinTech Hackcelerator awarded eighty thousand dollars each to ActuaViz, Claimsio, and Oxford Risk, maintaining the programme’s long-standing grant thresholds for top-ranked teams.
• The selection followed a competitive review of one hundred and fifty-five submissions, with evaluations conducted by an international judging panel and supported by industry mentors ahead of the 12 November Demo Day.
• Awards were conferred on 13 November 2025 at the Singapore FinTech Festival, with potential pilot opportunities offered to winners through corporate champions including BNP Paribas, Mastercard, and Prudential AI Lab.

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Bank of England, Singapore MAS and Bank of Thailand Launch Joint Exploration of Synchronised Cross-Border FX Settlement

On 13 November 2025, the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand jointly announced an international exploration initiative to test synchronised settlement models for cross-border foreign exchange transactions. The collaboration forms part of Project Meridian FX and marks a significant step in linking real-time gross settlement systems with distributed-ledger-based environments. The three central banks will examine interoperability across their respective infrastructures, assess multilateral settlement use cases, and evaluate atomic, real-time Payment versus Payment mechanisms across diverse regulatory architectures and time zones. The initiative reflects a broader shift toward integrated wholesale settlement infrastructure, aligning with the global transition to tokenised financial systems while preserving prudential safeguards and systemic integrity. The experiments are designed to inform future cross-jurisdiction frameworks capable of supporting both tokenised and traditional settlement processes.

• The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand have launched a joint experimental programme under Project Meridian FX to test synchronised, real-time mechanisms for cross-border FX settlement across RTGS systems and distributed-ledger environments.
• The initiative is embedded within each central bank’s wholesale settlement roadmap, complementing the Bank of England’s RT2 Synchronisation Lab, Singapore’s Project Guardian and Thailand’s digital currency development programme, collectively designed to strengthen cross-border financial infrastructure.
• The collaboration broadens settlement experimentation to multilateral FX Payment versus Payment flows, and extends conceptual linkages to Delivery versus Payment scenarios across tokenised and conventional instruments.
• Synchronised settlement models aim to reduce settlement risk, enhance FX PvP reliability, and support interoperable settlement channels that could ultimately be deployed across international wholesale payment ecosystems.
• No new authorisations were issued; however, the experiments may support future models for cross-border settlement of tokenised derivatives and securities by integrating RTGS and distributed-ledger-based workflows.
• The project does not alter existing regulatory limits but evaluates infrastructure conditions under which real-time atomic settlement could reduce exposure thresholds and liquidity demands for participants.
• The initiative is governed by a multilateral cooperation arrangement among the participating central banks. Further technical documentation and pilot findings from Project Meridian FX will be released in subsequent updates.
• The experimental phase commenced on 13 November 2025. Findings will inform next-stage design considerations for future wholesale settlement infrastructure across the three jurisdictions.

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Singapore MAS and Deutsche Bundesbank Sign MoU to Advance Tokenisation and Cross-Border Digital Asset Settlement

On 13 November 2025, the Monetary Authority of Singapore and the Deutsche Bundesbank signed a Memorandum of Understanding to deepen cooperation on cross-border digital asset settlement. The agreement establishes a collaborative framework to enhance settlement speed, reduce processing costs, and introduce interoperable standards for tokenised payments, foreign exchange and securities transactions between Singapore and Germany. Signed during the Singapore FinTech Festival, the MoU builds on the Deutsche Bundesbank’s admission to the Guardian Policymaker Group in 2024 and reinforces Project Guardian’s strategy of using tokenisation to improve liquidity, transparency and market efficiency. The authorities stated that the partnership will strengthen bilateral economic ties while laying the groundwork for future digital financial infrastructure capable of supporting both tokenised and traditional settlement flows.

• The Monetary Authority of Singapore and the Deutsche Bundesbank executed an MoU to jointly develop digital asset settlement solutions designed to expedite cross-border transfers and harmonise standards for tokenised payments, FX and securities settlement.
• The MoU aligns Germany’s central bank with Singapore’s Project Guardian framework, integrating the Deutsche Bundesbank into Asia’s leading tokenisation initiatives and reinforcing bilateral cooperation within the wider European–Asian regulatory ecosystem.
• The collaboration extends settlement testing to tokenised assets, cross-border payment rails, foreign exchange flows and securities settlement, with a focus on interoperability across digital platforms in both markets.
• Market participants may benefit from more efficient digital settlement pathways, reduced operational frictions, and standardised processes for tokenised transactions across payments, FX and securities lifecycles.
• While no new trading authorisations were issued, the MoU supports future conditions in which tokenised derivatives and cross-border wholesale transactions may be settled through harmonised digital infrastructure.
• The agreement does not modify regulatory limits but initiates work on settlement mechanisms that could, over time, lower liquidity burdens and exposure windows through atomic or near-real-time settlement.
• The MoU establishes a formal cooperation channel between the Monetary Authority of Singapore and the Deutsche Bundesbank. Further publications on technical trials, interoperability models and settlement standards will be released as work progresses.
• The MoU took effect upon signature on 13 November 2025, with collaborative technical and policy work commencing immediately under Project Guardian and related settlement initiatives.

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Singapore MAS Completes First Live Trial of Interbank Overnight Lending Settlement Using Wholesale CBDC

On 13 November 2025, the Monetary Authority of Singapore announced the successful completion of its first live interbank overnight lending settlement using wholesale central bank digital currency. The pilot was executed on the Singapore Dollar Test Network, a shared operational ledger developed to support settlement of tokenised financial assets across regulated institutions. DBS, OCBC and UOB conducted the inaugural issuance and recording of Singapore dollar wholesale central bank digital currency in their official books and regulatory filings, validating Testnet’s capacity to serve as a common settlement asset with programmable payment logic. The trial marks a pivotal advancement in Singapore’s multi-year tokenisation strategy. The Monetary Authority of Singapore confirmed that the next phase will involve issuing tokenised MAS Bills to primary dealers for wholesale CBDC settlement, with detailed timelines and technical specifications to be released in 2026.

• The Monetary Authority of Singapore completed the first live interbank overnight lending settlement using wholesale central bank digital currency on a shared ledger designed for tokenised financial asset settlement.
• The trial is part of Singapore’s broader asset tokenisation strategy initiated in November 2024, linking the Singapore Dollar Test Network with ongoing national programmes aimed at modernising wholesale market infrastructure.
• The Singapore Dollar Test Network enables wholesale CBDC issuance, transfer and redemption across participating institutions, establishing a foundation for atomic settlement of tokenised cash and securities.
• Financial institutions gain access to programmable settlement logic, real-time execution of payment terms and a centralised settlement asset supported by wholesale central bank digital currency.
• While the trial does not introduce new trading authorisations, it establishes infrastructure capable of supporting future Delivery versus Payment and Payment versus Payment use cases with tokenised assets.
• No regulatory thresholds were amended; however, the introduction of wholesale CBDC as a settlement asset increases potential liquidity efficiency and reduces counterparty exposure during interbank transactions.
• The Monetary Authority of Singapore has confirmed that further details on the next phase, involving tokenised MAS Bills, will be published in 2026 as part of ongoing Testnet disclosures.
• The live trial was completed on 13 November 2025. The next wholesale CBDC–settled issuance of tokenised MAS Bills will be scheduled and announced by the Monetary Authority of Singapore in 2026.

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Singapore MAS Charts AI and Tokenisation Roadmap at FinTech Festival 2025 with Call for Global Collaboration

On 13 November 2025, the Monetary Authority of Singapore outlined its long-term digital finance roadmap during the Singapore FinTech Festival, presenting an integrated strategy built around artificial intelligence and tokenisation. Remarks by Managing Director Chia Der Jiun traced the evolution of Singapore’s FinTech ecosystem since 2016 and identified the next decade’s core priorities: anchoring advanced AI capabilities, strengthening governance and safety structures, developing institutional-grade tokenised markets and deepening global regulatory cooperation. The MAS Managing Director emphasised that responsible AI adoption and interoperable tokenisation frameworks must evolve together, underpinned by shared standards, safe settlement assets and cross-border collaboration to support an interconnected financial system. The Managing Director of MAS also reaffirmed Singapore’s international role in shaping trusted digital finance architectures and scaling real-world tokenisation through industry and policymaker partnerships.

• The Monetary Authority of Singapore set a forward-looking agenda for AI governance and tokenised financial markets, linking innovation to clear regulatory structures, shared infrastructures and global collaboration.
• The roadmap builds on Singapore’s decade-long FinTech development, including regulatory sandboxes, digital payments expansion, regional QR linkages and Project Guardian’s tokenisation experimentation, reinforcing Singapore’s positioning as a global digital finance hub.
• Asset-backed tokens, tokenised bonds, tokenised money market funds and tokenised cash-management products have entered commercial adoption, supported by the Global Layer One initiative and frameworks for funds, bonds and foreign exchange published as global public goods.
• Financial institutions will operate within new governance and safety frameworks for AI; tokenised markets will rely on standardised asset structures, safe settlement assets and institutional-grade networks to support wholesale-scale transactions.
• Tokenised financial products, such as tokenised funds, tokenised bonds and FX contracts, will be guided by the forthcoming MAS Guide on the Tokenisation of Capital Markets Products, clarifying regulatory obligations, disclosures and compliance requirements.
• No numerical thresholds were revised, but MAS emphasised prudential standards for stablecoin reserve backing, redemption reliability and operational safeguards for wholesale token networks.
• The Monetary Authority of Singapore will consult on the Guidelines on AI Risk Management. It is also preparing draft legislation for its regulated stablecoin regime and coordinating internationally through Global Layer One and joint industry–regulator reports.
• The roadmap and accompanying announcements were published on 13 November 2025. MAS will release the Guide on the Tokenisation of Capital Markets Products and initiate further wholesale CBDC trials, including tokenised MAS Bills, in 2026.

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Singapore MAS Outlines Climate Finance Framework at COP30 with Focus on Credible Solutions, Capabilities and Capital

On 12 November 2025, the Monetary Authority of Singapore set out its strategic climate finance framework at the COP30 Singapore Pavilion during Finance Day. In an address titled “From Pledges to Projects: The Role of Credible Financing Solutions, Capabilities, and Capital,” Managing Director Chia Der Jiun envisions the urgent need to convert climate commitments into investable, bankable and scalable projects. MAS highlighted recent progress under the United Nations climate negotiations, including operationalisation of Article 6.4 and the new collective target of mobilising at least USD 300 billion annually by 2035. The speech introduced a three-pillar framework built on credible financing solutions, strengthened institutional capabilities and capital mobilisation across Asia’s transition. MAS detailed its work on transition credits, capacity-building for carbon markets and blended-finance partnerships designed to unlock private capital at scale.

• MAS announced a structured climate finance framework aimed at accelerating the flow of capital into transition projects through credible carbon market mechanisms and blended-finance vehicles.
• The framework builds on Singapore’s role as a regional carbon and sustainable finance hub, integrating MAS initiatives with global UNFCCC developments, including Article 6.4 implementation and the 2035 climate finance mobilisation goal.
• Transition credits, carbon market infrastructure, blended-finance facilities and green investment partnerships form expanding channels for climate-aligned investment across Asia’s energy, mobility, water and industrial sectors.
• Financial institutions are positioned as demand aggregators, risk managers and solution developers in carbon markets; blended-finance programmes expand investible pipelines for renewable energy, storage, electric vehicles and waste-management projects.
• The development of high-integrity transition credits and Article 6.4-aligned market standards supports future trading under regulated voluntary carbon markets and cooperative approaches.
• The global climate finance target is set at a minimum of USD 300 billion annually by 2035, shaping long-term capital mobilisation expectations.
• MAS will release the final Transition Credits Coalition report at COP30 and continue consultations with market institutions on credit methodologies and capability-building programmes.
• The Transition Credits Coalition report will be published at COP30, and blended-finance platforms are already deploying capital, with further closes expected in the next phase.

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Australian ASIC Notes Cboe Global Markets’ Decision to Divest Its Australian and Canadian Operations

On 1 November 2025, the Australian Securities and Investments Commission acknowledged Cboe Global Markets’ announcement that it will divest its Australian and Canadian businesses as part of a global realignment centred on derivatives. The regulator noted that both Cboe Australia and Cboe Canada remain commercially strong within competitive markets supported by stable regulatory frameworks. ASIC confirmed that it will supervise the transition closely to maintain market integrity, ensure operational continuity, and safeguard investor confidence throughout the sale process.

• The announcement reflects Australia’s capital-markets architecture in which market competition is overseen under the Corporations Act 2001, and the transition will be guided by ASIC’s mandate to uphold orderly markets, effective competition, and transparent exchange operations.
• ASIC will monitor the divestment process to ensure Cboe Australia’s transition to new ownership proceeds without disruption and remains consistent with market-integrity expectations applied to licensed market operators.
• Cboe Australia represents roughly one-fifth of national equity turnover, and its continued participation has been central to reducing trading costs, improving liquidity and strengthening the competitive landscape against the Australian Securities Exchange.
• Cboe Global Markets, established in 1973 as the Chicago Board Options Exchange, operates major trading, clearing and data platforms across North America, Europe and Asia Pacific, and acquired Chi-X Australia in 2021 to form Cboe Australia.
• ASIC noted that it had approved Cboe Australia’s listing application on 7 October 2025 (25-227MR).
• ASIC recognises that multi-venue competition supports investor outcomes and intends to preserve these benefits by ensuring the divestment aligns with principles of fair access, resilience and operational integrity.
• Market operators, brokers and issuers should expect continuity in listing, trading and clearing functions during the transition, with ASIC maintaining close oversight to avoid market-structure instability.
• ASIC will publish its Response to Work on Evolving Capital Markets on 5 November 2025, followed by the Inquiry into ASX Group in March 2026, which will inform broader reforms concerning governance and risk management across Australia’s market infrastructure.

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Singapore MAS and Law Enforcement Strengthen Joint Efforts Against Financial Crime

On 31 October 2025, the Monetary Authority of Singapore announced strengthened coordination with the Singapore Police Force through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) in connection with the ongoing Prince Holding Group investigation. MAS states that suspicious transaction reports were filed at an early stage and that several financial institutions had already undertaken pre-emptive risk-mitigation measures, including account closures, preventing illicit funds from circulating within Singapore’s financial system.

• MAS activated enhanced supervisory coordination with law enforcement under the AC3N framework to manage AML risks linked to the Prince Holding Group case, ensuring early detection and pre-emptive action by financial institutions.
• The initiative builds on Singapore’s whole-of-system AML/CFT framework, combining MAS oversight, law-enforcement investigations and public–private risk-intelligence networks to safeguard the financial sector.
• Cross-border intelligence sharing and financial-crime surveillance expand oversight across institutions with exposure to the case, reinforcing Singapore’s position as a high-integrity financial centre.
• Financial institutions may face supervisory reviews, enhanced due-diligence expectations and potential process adjustments in transaction monitoring, suspicious-activity reporting and account-risk management.
• No new authorisations, but MAS signals heightened scrutiny of transactions and instruments that may facilitate cross-border fund flows linked to illicit activity.
• Institutions should expect stricter triggers for risk escalation, account review and enhanced monitoring where foreign-linked or high-risk entities are involved.
• Ongoing supervisory reviews will be undertaken by MAS, with continued collaboration under AC3N. Findings may inform future AML/CFT guidance and typology advisories.
• Strengthened coordination was confirmed on 31 October 2025, with supervisory reviews already initiated and law-enforcement collaboration ongoing.

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Australian ASIC Seeks Feedback on Proposal to Remake Derivative Clearing Rules to Support OTC Market Stability

On 28 October 2025, the Australian Securities and Investments Commission released its proposal for consultation paper proposing the remake of the ASIC Derivative Transaction Rules (Clearing) 2015 ahead of their 1 April 2026 sunset. The measure preserves Australia’s over-the-counter derivatives clearing framework under the Corporations Act 2001 and maintains post-crisis market safeguards aligned with the G20’s central clearing commitments. The proposal largely retains the existing rule structure while introducing targeted administrative refinements and extending exemptive relief for certain post-trade risk-reduction exercises. ASIC confirmed that transitional relief for specified swaptions will lapse at the sunset date, reflecting the market’s operational readiness. Submissions are invited until 28 November 2025.

• ASIC proposes to remake the 2015 clearing rules with minimal amendments, preserving mandatory central clearing requirements for eligible OTC interest-rate derivatives and extending exemptive relief for post-trade risk-reduction transactions.
• The remake continues Australia’s implementation of the G20’s post-2008 reforms and ensures uninterrupted clearing obligations under the Corporations Act 2001 following the automatic sunset of the 2015 Rules.
• The CS33 proposed remake of the ASIC Derivative Transaction Rules (Clearing) 2015 forms part of Australia’s ongoing commitment to maintaining robust post-crisis market infrastructure for OTC derivatives.
• The clearing regime continues to apply to Australian and foreign clearing entities dealing in standardised OTC interest-rate derivatives; substituted-compliance pathways remain available for foreign regimes assessed as equivalent.
• OTC derivative dealers must maintain clearing arrangements through authorised central counterparties and prepare for the expiry of transitional relief applicable to certain swaptions.
• The proposal extends exemptive relief for derivative transactions arising from post-trade risk-reduction exercises, consistent with existing treatment for multilateral portfolio compression.
• No changes to clearing thresholds or product scope; transitional relief for specified swaptions will cease on 1 April 2026.
• ASIC invites public submissions by 28 November 2025 via otcd@asic.gov.au before finalising the remake.
• The amended rules are intended to take effect immediately upon the 1 April 2026 sunset of the current 2015 Rules to avoid a regulatory gap.

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