Overview
- The agreement commits the two central banks to develop new settlement solutions aimed at lowering costs and shortening processing times for transfers between Singapore and Germany.
- The parties will promote common standards for cross-border payments, foreign exchange and securities flows involving tokenised assets to improve interoperability across platforms.
- The MoU was signed at the Singapore FinTech Festival by MAS Deputy Managing Director Leong Sing Chiong, Bundesbank Executive Board member Burkhard Balz and Director General Digital Euro Alexandra Hachmeister.
- The collaboration builds on MAS’s Project Guardian, launched in May 2022, with the Bundesbank joining the initiative’s Guardian Policymaker Group in November 2024.
- Independent reporting notes Project Guardian involves more than 40 institutions across jurisdictions and places the tie-up alongside recent UK–Singapore cooperation on digital finance.