Five global banks — HSBC, JPMorgan's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge and Standard Chartered — have jointly established Global Layer One Organisation (GL1 Org), a Singapore-headquartered non-profit dedicated to advancing tokenized financial market infrastructure. The organization will develop common standards and frameworks for tokenized financial markets while promoting interoperability across institutions, infrastructure providers and jurisdictions. GL1 Org builds on the Monetary Authority of Singapore's GL1 initiative, which explores shared ledger infrastructure enabling regulated financial institutions to deploy tokenized assets.