The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said. “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network. It is more feasible to work towards making these diverse networks interoperable.” Singapore’s Central Bank Discusses Digital Asset Plans Ravi Menon, the managing director of Singapore’s central bank, the Monetary Authority of Singapore (MAS), discussed digital assets at Singapore Fintech Festival last week. “Digital assets have two critical features that can fundamentally transform the nature of financial transactions,” he began. The first is tokenization allows financial assets to be exchanged without intermediaries, which “eliminates settlement risk, duplicative reconciliation, and the need for larg...
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