Monetary Authority of Singapore managing director Chia Der Jiun said settlements in tokenised financial markets should be backed by central bank money. He said large-scale settlements in tokenised markets require safe and reliable digital currency, adding that central bank money would ultimately underpin monetary stability. MAS is pursuing the use of wholesale central bank digital currency for settlements of tokenised MAS bills. It is also pushing legal revisions on stablecoins.

Shinhan Financial Group has reorganised its governance in Indonesia by moving to a business holding company structure that groups its card and securities affiliates around its local bank. It converted Shinhan Indonesia Bank to serve as a business holding company and launched Shinhan Financial Group Indonesia. The overhaul follows an Indonesian requirement to establish financial holding companies. Shinhan also signed an agreement with Indonesia’s Sinar Mas group to cooperate in corporate and supply chain finance.