HSBC, JPMorgan Chase, and four other banks established GL1 Org

According to the Business Times, HSBC, Kinexys under JPMorgan, Mitsubishi UFJ Financial Group, Societe Generale-Forge under Société Générale, and Standard Chartered Bank have established a non-profit organization in Singapore called Global Layer One Organisation (GL1 Org) to promote the development and adoption of common standards and frameworks for tokenized financial markets.

The organization will continue the work of the GL1 initiative by the Monetary Authority of Singapore, facilitating interoperability among different institutions, infrastructures, and jurisdictions.