The Monetary Authority of Singapore (MAS) and the German Central Bank signed a memorandum of understanding on cooperation in cross-border settlement of digital assets.

According to the Monetary Authority of Singapore (MAS), the MAS has signed a Memorandum of Understanding (MOU) with the Deutsche Bundesbank to collaborate on cross-border settlement of digital assets.

The MOU outlines cooperation in technology and financial innovation, including: developing new settlement solutions to reduce the cost and processing time of cross-border transfers between Singapore and Germany; and promoting common standards for cross-border payments, foreign exchange, and the flow of securities involving tokenized assets to enhance interoperability between different digital asset platforms.