U.K and Singapore agree to join forces on advancing AI and tokenization

Key Points

1. The U.K. and Singapore held the 10th Financial Dialogue, agreeing to collaborate on finance and asset tokenization, including Project Guardian, an MAS-led initiative to explore financial market efficiency and liquidity.

2. The FCA and MAS formally agreed to continue working together on Project Guardian, with involvement from organizations like the UK Investment Association and the Singapore Investment Management Association.

3. Both countries discussed progress in the Global Layer One (GL1) initiative, with the U.K. providing updates on its participation and Singapore sharing GL1 developments.

4. Singaporean and U.K. financial authorities agreed to expand AI collaboration, including the recent FCA-MAS AI Innovation Showcase in London.

5. The MAS has set a deadline of June 30 for unlicensed crypto firms to cease operations in Singapore, affecting offshore firms with regional employees.