Five banks, including HSBC and JPMorgan Chase, have established GL1 Org to promote the development of tokenized financial market infrastructure.

HSBC, Kinexys (a subsidiary of JPMorgan Chase), Mitsubishi UFJ Financial Group, Societe Generale-Forge (a subsidiary of Societe Generale), and Standard Chartered Bank have established the non-profit Global Layer One Organisation (GL1 Org) in Singapore. This organization aims to promote the standardization and interoperability of tokenized financial market infrastructure and support the development of relevant common standards and frameworks. The GL1 Org is based on the Monetary Authority of Singapore's GL1 Initiative, which aims to explore the development of shared ledger infrastructure that enables regulated financial institutions to deploy tokenized assets. (Source: Business Times)