The Monetary Authority of Singapore and the Central Bank of Germany signed a memorandum of understanding on cross-border Settlement of digital assets.

According to a report by Golden Finance, the Monetary Authority of Singapore (MAS) has signed a memorandum of cooperation with the Deutsche Bundesbank to collaborate on cross-border Settlement of digital assets. According to the memorandum, both parties will collaborate on technological and financial innovation, including: developing new Settlement solutions to reduce the cost and processing time of cross-border transfers between Singapore and Germany; promoting universal standards for cross-border payments, foreign exchange, and the liquidity of tokenized assets to enhance interoperability between different digital asset platforms.