(13 November 2025 – Global) The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have joined forces to explore how tokenised foreign exchange (FX) transactions can be settled using synchronised settlement mechanisms.
Building on lessons from the BIS-led Project Meridian, which demonstrated how real-time gross settlement (RTGS) systems could interoperate using distributed ledger technology (DLT), the new initiative will test more complex, real-world scenarios.
The trials will use simulated RTGS systems and DLT-based settlement environments to assess how synchronisation can support Payment versus Payment (PvP) tokenised FX settlement across jurisdictions with different infrastructures, time zones, and regulatory frameworks.
Tom Mutton, director of fintech at the Bank of England, said: “This project explores, in more realistic conditions, how synchronisation solutions might support an open and effective global financial system by providing a new, innovative FX settlement channel. This, together with our RT2 Synchronisation Lab2, forms part of our wider roadmap to support innovation and new functionality in money and payments.”