---
title: "Project Guardian: 2024 Reflections, 2025 Directions"
description: Discover Project Guardian's key events, successes, and challenges of 2024, future objectives and diverse perspectives for 2025 and beyond.
---

[SFF 2024 Session Recordings ](https://39936595.hs-sites.com/sff-2024-session-recordings)

# [Project Guardian: 2024 Reflections, 2025 Directions](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/project-guardian-2024-reflections-2025-directions)

 Written by [GFTN](https://39936595.hs-sites.com/sff-2024-session-recordings/author/gftn) | Nov 19, 2024 5:00:00 AM

 

Project Guardian, spearheaded by the Monetary Authority of Singapore (MAS), is a collaborative initiative driving tokenized finance innovation. With contributions from over 40 financial institutions, policymakers, and associations, this session provided insights into Project Guardian's achievements and future directions. 

 

**Achievements to Date:**

**SBI Digital Asset Holdings:**

- **Pioneering Tokenization:** Successfully validated tokenized securities concepts, focusing on retail distribution across borders (e.g., Japan, Singapore, Switzerland).
- **Progress:** Operationalised end-to-end value chains in select corridors, highlighting the need for global regulatory alignment.
- **Key Insight:** Tokenization is no longer conceptual but commercial-ready, with active client onboarding.

 

**DBS:**

- **Technological Breakthroughs:** 
    - Proven atomic trading, settlement, and custody using tokenized securities.
    - Introduced solutions for **Treasury Tokens** (e.g., for intra-company FX transactions) and **tokenized bonds** on DBS Digital Exchange.
- **Global Infrastructure:** Advocates for a robust private-public blockchain network to address cost and regulatory challenges.

 

**Schroders:**

- **Asset Management Evolution:** 
    - Tokenized insurance-linked securities (ILS) and experimented with decentralised finance (DeFi) models.
    - Emphasised the potential of **composable finance frameworks** to digitise entire financial value chains.
- **Strategic Transition:** Moves towards democratizing asset management, offering institutional-grade services to retail clients.

 

**UK FCA:**

- **Regulatory Leadership:** 
    - Launched the **Digital Securities Sandbox**, enabling the temporary relaxation of rules to test and refine tokenized models.
    - Outlined a blueprint for fund tokenization in the UK, ensuring a tech-neutral and outcomes-focused regulatory approach.
- **Global Coordination:** Actively engages with MAS and international bodies to align cross-border regulatory standards.

 

**Challenges and Lessons Learned:**

**1.    Regulatory Disparity:**

- Variances in global regulatory frameworks hinder seamless cross-border tokenized asset distribution.
- Solution: Develop a **global taxonomy** for tokenized securities to harmonize interpretations and requirements.

 

**2.    Consumer Education:**

- Limited understanding of tokenized products among retail investors.
- Solution: Incorporate financial literacy programs alongside product launches to enhance adoption.

 

**3.    Accounting Standards:**

- Inadequacies in current accounting rules (e.g., treating digital currency as inventory rather than cash) add complexity.
- Solution: Align accounting practices with tokenized finance innovations.

 

**4.    Legacy Systems vs. New Infrastructure:**

- Tokenization achieves limited efficiencies within legacy systems.
- Solution: Focus on **end-to-end digital infrastructure** to maximize tokenization benefits.

 

**Future Directions:**

**Commercialization:**

- 2025 poised to be a pivotal year for **product launches** and **market adoption** beyond proof-of-concept trials.
- SBI to commercialize tokenized asset-backed securities (ABS) with Switzerland as a key jurisdiction.
- DBS to expand tokenized private debt and equity offerings.

 

**Global Collaboration:**

- Strengthening international corridors to support tokenized securities (e.g., Singapore-UK, Singapore-Switzerland).
- Enhance participation in global standard-setting bodies like IOSCO.

 

**Expanding Use Cases:**

- Development of tokenized Treasury systems for corporate FX transactions.
- Exploration of tokenized funds and private market assets to broaden investor access.

 

**Closing Remarks:**

The session underscored Project Guardian’s transition from pilots to real-world applications, with 2025 set to be a milestone year for tokenized finance. A collective push towards harmonized regulations, consumer education, and composable frameworks is critical to scaling tokenized financial systems globally.

 

Watch Full Session

 

Speakers:

- Fernando Luis Vázquez Cao, Chief Executive Officer, SBI Digital Asset Holdings
- Han Kwee Juan, Group Executive & Country Head, DBS Singapore, DBS Bank
- Peter Hilborne, Chief Operating Officer, Operations, Schroders Investment Management
- Sarah Pritchard, Executive Director of Supervision, Policy and Competition - Markets and Executive Director of International, Financial Conduct Authority

 

Moderator:

- Alan Lim, Director & Head, Financial Infrastructure and Artificial Intelligence Office, Monetary Authority of Singapore

  

  

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