ISDA and Ant International Lead New Industry Report on Use of Tokenised Bank Liabilities for FX Settlement and Cross-Border Payments Under Project Guardian

SINGAPORE--(BUSINESS WIRE)--Jul 3, 2025--

The International Swaps and Derivatives Association (ISDA) and Ant International led the Project Guardian FX industry group to develop a new report for implementing tokenised bank liabilities and shared ledger in cross-border payments and foreign exchange (FX) settlement.

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The joint report is produced under the Monetary Authority of Singapore's (MAS) Project Guardian, a global collaboration between policymakers and key industry players to enhance liquidity and efficiency of financial markets through asset tokenisation. ISDA and Ant International are members of the industry group and lead the FX workstream to develop FX data specifications, risk management frameworks and FX documentation. Other contributors to the report include BNY, HSBC, OCBC and the Global Financial Markets Association’s Global Foreign Exchange Division.

Available on MAS’ website, the report draws on the partners' technology expertise, FX payment experience and extensive industry partnerships to propose principles for leveraging tokenised bank liabilities and shared ledgers in transaction banking services. This includes:

As a Project Guardian participant, Ant International also leveraged its blockchain-based Whale platform to develop a global treasury management use case for real-time multi-currency clearing and settlement.

Addressing Current Challenges in Cross-Border Payments Through Tokenisation

FX-related risks and costs remain a major hurdle in cross-market and cross-currency payments, especially for businesses in the digital economy. On top of limited settlement windows, they also face time zone delays and different settlement assets and platforms. This results in slower settlement and higher fees, with an estimated US$120 billion (S$154.2 billion) spent annually on cross-border transaction fees 1.

In contrast, use cases by the industry group show that tokenised bank liabilities and shared ledgers can result in faster, more secure and efficient cross-border payments. By enabling interoperability between bank solutions, payments can be completed 24/7 with FX settlement conducted in real-time. Payment settlement time is also reduced to minutes or even seconds, providing a more seamless payment experience for businesses and their customers.

However, a universally-accepted industry framework is needed for industry-wide adoption, which could lower cross-border transaction costs by 12.5%, saving businesses more than US$50 billion (S$64.2 billion) by 2030 2.

ISDA and Ant International, together with the Project Guardian industry group, will continue to broaden the applications of shared ledgers and tokenised bank liabilities by developing more use cases for the digital economy. This includes integrating with existing banking systems and supporting other digital assets so that businesses big and small can benefit from this innovative technology.

Scott O’Malia, Chief Executive of ISDA, said: “Tokenisation has the potential to revolutionise cross-border payments and FX settlements, significantly increasing efficiencies and reducing costs and risks. Our work with MAS and the industry group has highlighted the critical importance of common standards and industry documentation to support the safe and efficient use of tokenised bank liabilities, and this will continue to be a focus for ISDA as we further develop the potential for tokenisation.”

Kelvin Li, General Manager of Platform Tech at Ant International, said: “We are honoured to help shape industry adoption of tokenisation with ISDA under Project Guardian's leadership. Since 2019, Ant International has used tokenised deposits to streamline wholesale payments and treasury activities. We now process over a third of our transactions on-chain. In addition to faster, cheaper and more secure cross-border payments, tokenisation programmes are translating technology into more competitive FX rates and faster FX settlement for customers. We will continue evolving our Whale platform to serve businesses of all sizes with the latest shared ledger technology, such as tokenised deposits and stablecoins.”

Kenneth Gay, Chief FinTech Officer, MAS, said: "The use of tokenised bank liabilities marks a milestone in the evolution of cross-border payments and FX settlements. Underpinned by shared ledger infrastructures, tokenised bank liabilities can enable 24/7, real-time settlement across borders and help optimise liquidity management in transaction banking. Together with members of Project Guardian, we look forward to advancing efforts towards more efficient global financial markets."

About ISDA

Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has over 1,000 member institutions from 76 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s website: www.isda.org. Follow us on LinkedIn and YouTube.

About Ant International

With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit https://www.ant-intl.com/

Report on Use of Tokenised Bank Liabilities for Transaction Banking by ISDA and Ant International, under the Monetary Authority of Singapore's (MAS) Project Guardian

ORANGE, Conn.--(BUSINESS WIRE)--Jan 6, 2026--

The Avangrid Foundation, the philanthropic arm of leading energy company Avangrid Inc., a member of the Iberdrola Group, today announced that it has awarded the Gulf of Maine Research Institute (GMRI) a $50,000 grant in support of their educational initiative, LabVenture: Building STEM skills for Maine. The grant will help the GMRI deliver immersive, hands-on science learning for approximately 8,300 middle school students across Maine.

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“The future of the energy industry depends on a new generation of leaders who are not only passionate about innovation but equipped with the scientific literacy and problem-solving skills to drive meaningful change,” said Avangrid CEO Jose Antonio Miranda. “At Avangrid, we recognize that investing in STEM education today is essential to building a smarter, more reliable energy future tomorrow.”

“At the Avangrid Foundation, we believe that access to STEM education is essential for building resilient and growing communities and preparing young people to lead in an increasingly complex world,” said Pablo Colón, Director of Corporate Citizenship and Executive Director of the Avangrid Foundation. “The Gulf of Maine Research Institute offers transformative educational opportunities, and we are proud to support their mission encouraging and inspiring the next generation of scientists, innovators, and leaders across Maine.”

The grant will enable GMRI to reach 70% of Maine’s 5th–6th grade cohort, with a strong focus on underserved communities—including low-income, New Mainer, rural, and Wabanaki students. In addition to student engagement, GMRI will provide educators with wrap-around curriculum support and professional development to extend the impact of LabVenture beyond the lab and into classrooms statewide.

“Over the past 20 years, we’ve reached more than 170,000 Maine students with LabVenture, making it the most shared out-of-school learning experience in our state. We believe that no matter where a student wakes up in the morning, they deserve access to engaging and transformative STEM learning. We’re so appreciative to the funders like Avangrid Foundation who join us in this belief,” said Leigh Peake, GMRI Chief Education Officer. "LabVenture, now celebrating its 20th year, is designed to ignite curiosity and build scientific confidence among Maine’s 5th and 6th graders. Through interactive experiences at GMRI’s Cohen Centre for Interactive Learning, students become scientists for a day—examining plankton under microscopes, analysing NASA satellite data, and exploring marine biodiversity in the Gulf of Maine. The program blends technology, inquiry-based learning, and diverse scientific role models to foster climate and STEM literacy in a rapidly changing world.”

About the Gulf of Maine Research Institute: The Gulf of Maine Research Institute develops and delivers collaborative solutions to global ocean challenges. Located in Portland, ME, the institute is dedicated to the resilience of the Gulf of Maine ecosystem and the communities that depend on it. For more information, visit www.gmri.org.

About Avangrid Foundation: The Avangrid Foundation is an independent, nonprofit organization that funds philanthropic investments that primarily impact communities where Avangrid, Inc. and its subsidiaries operate. Since 2001, the Avangrid Foundation and its predecessors have invested more than $42.4 million in partnerships that focus on building sustainable, vital and healthy communities; preserving cultural and artistic heritage; advancing education; and improving people’s lives. The Avangrid Foundation is committed to advancing the United Nations Sustainable Development Goals in the United States. For more information, please visit https://www.avangrid.com/avangrid-foundation.

About Avangrid: Avangrid, Inc. is a leading energy company in the United States working to meet the growing demand for energy for homes and businesses across the nation through service, innovation, and continued investments by expanding grid infrastructure and energy generation projects. Avangrid has offices in Connecticut, New York, Massachusetts, Maine, and Oregon, including operations in 23 states with approximately $48 billion in assets, and has two primary lines of business: networks and power. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.4 million customers in New York and New England. Through its power generation business, Avangrid owns and operates 80 energy generation facilities across the United States producing 10.5 GW of power for over 3.1 million customers. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies – a ranking of America’s best corporate citizens – in 2025 for the fifth consecutive year. The company was named among the World’s Most Ethical Companies in 2025 for the seventh consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit http://www.avangrid.com.

Gulf of Maine Research Institute students’ artwork and thank you notes. Courtesy of Avangrid Foundation