According to ChainCatcher citing The Business Times, HSBC, JPMorgan’s Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge and Standard Chartered have established the nonprofit Global Layer One Organisation (GL1 Org) in Singapore. The group aims to develop and promote common standards and frameworks for tokenized financial markets.

GL1 Org will continue work under the Monetary Authority of Singapore’s GL1 initiative and promote connectivity among institutions, infrastructure providers and jurisdictions.