HSBC, JPMorgan and Three Other Banks Launch GL1 Org to Advance Tokenized Financial Market Infrastructure

November 5: According to The Business Times, five global banks — HSBC, JPMorgan's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge and Standard Chartered — have jointly established Global Layer One Organisation (GL1 Org), a Singapore-headquartered non-profit, to advance tokenized financial market infrastructure. The organization will support the development and adoption of common standards and frameworks for tokenized financial markets, and promote interoperability among institutions, infrastructure and jurisdictions. GL1 Org builds on the Monetary Authority of Singapore's GL1 initiative, which explores developing shared ledger infrastructure that enables regulated financial institutions to deploy tokenized assets.