Five global financial institutions, including J.P. Morgan, HSBC, MUFG, Standard Chartered and Societe Generale affiliates, have established a nonprofit organization, the Global Layer One Organization (GL1 Org), in Singapore to build common standards for the tokenized finance market.
The founding institutions are Kinexys by J.P. Morgan, HSBC, MUFG Bank, Standard Chartered and Societe Generale-FORGE. GL1 Org is an industry-led development of the Global Layer One (GL1) initiative, which the Monetary Authority of Singapore (MAS) has pursued with financial institutions and policymakers.
GL1 aims to establish common governance, risk management, and technical and legal standards so that different blockchain and distributed-ledger infrastructures can interoperate. The initiative is intended to support cross-border trading and settlement, capital raising and secondary-market transactions involving tokenized assets in line with regulatory standards.
GL1 Org plans to expand the development and adoption of previously developed market-infrastructure assessment tools and programmable compliance frameworks. It will also seek additional participation from financial institutions, policymakers and market-infrastructure providers.