UBS Asset Management launches pilot of tokenized fund
UBS Group AG, financial holding company, announced the launch of a pilot project to tokenize d money market fund. Money market funds are investment products focused on short-term investments. UBS believes that their tokenization will increase liquidity and attract more potential clients. The test will take place on the UBS Tokenize platform, developed on the Ethereum blockchain. The bank’s pilot is part of Project Guardian, a joint initiative between the Monetary Authority of Singapore and the Japan Financial Services Authority. “Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.” Thomas Kaegi, Head of UBS Asset Management, Singapore & Southeast Asia As part of the project, the UBS Asset Management division successfully redeemed a tokenize d fund in the smart contract format. In the future, more contractors will be ...