The Monetary Authority of Singapore (MAS) and the Deutsche Bundesbank have signed a Memorandum of Understanding (MoU) to collaborate on cross-border digital asset settlement. Announced during the Singapore FinTech Festival on 13 November 2025, the partnership seeks to improve international financial transactions, particularly between Singapore and Germany, by fostering technological and financial innovation.
The MoU outlines a commitment to developing new settlement solutions that aim to reduce costs and processing times for cross-border transfers. Additionally, the agreement promotes common standards for payments, foreign exchange, and securities flows involving tokenised assets, enhancing interoperability across digital asset platforms.
This initiative builds on MAS’ Project Guardian, launched in May 2022, which aims to enhance liquidity and efficiency in financial markets through asset tokenisation. The Deutsche Bundesbank joined the Guardian Policymaker Group in November 2024, further strengthening ties between the two institutions.
Leong Sing Chiong, MAS Deputy Managing Director (Markets and Development), expressed optimism about the partnership, stating, “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.”
Burkhard Balz, Executive Board member of the Deutsche Bundesbank, echoed this sentiment, highlighting the shared commitment to advancing financial infrastructures. “Together, we aim to foster technological innovation and set new standards for efficiency and interoperability in international payments and securities transactions,” he said.
The collaboration between MAS and the Deutsche Bundesbank is expected to lay the groundwork for future digital financial infrastructure, further strengthening economic and financial cooperation between Singapore and Germany.
