HSBC, JPMorgan and three other banks establish GL1 Org to ad
HSBC, JPMorgan's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge, and Standard Chartered have jointly established GL1 Org, a Singapore-headquartered non-profit organization, to support the development and adoption of common standards and frameworks for the tokenized financial market, and to promote interoperability. The organization is based on the Monetary Authority of Singapore's GL1 initiative.
Event Timeline
- [11-05 01:59] HSBC, JPMorgan and three other banks establish GL1 Org to advance tokenized financial market infrastructure (PANews)
- [11-05 02:01] HSBC and four other banks establish GL1 Org to advance the development of tokenized financial market infrastructure (Odaily Planet Daily)
Background and Impact
On November 5, 2026, according to The Business Times, five global banks — HSBC, JPMorgan's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge, and Standard Chartered — jointly established Global Layer One Organisation (GL1 Org), a Singapore-headquartered non-profit organization, to advance the development of tokenized financial market infrastructure. PANews reported the news at 01:59 on November 5, followed by Odaily Planet Daily at 02:01; the two sources are consistent on the member list, the nature of the organization, the headquarters location, and the description of its functions, with no conflicting information.
In terms of background, GL1 Org is based on the Monetary Authority of Singapore's GL1 initiative. That initiative explores the development of shared ledger infrastructure that would enable regulated financial institutions to deploy tokenized assets. The new organization will support the development and adoption of common standards and frameworks for the tokenized financial market, and promote interoperability among institutions, infrastructure, and jurisdictions. This means its focus falls on the standards and coordination level, rather than on specific retail-facing products.
In terms of impact interpretation, all five members are global banks or their digital asset platforms, covering major financial systems in Europe, the Americas, and Japan; their joint push on standards could influence the interoperability path for tokenized assets among regulated institutions. However, neither source disclosed the organization's specific work plan, the scale of member contributions, governance structure, or timetable, nor did they explain its relationship with other existing tokenization initiatives; therefore, what can be confirmed in the short term is only the organization's establishment and its functional positioning, and the actual progress remains to be seen.
For ordinary market participants, such institution-level infrastructure developments typically do not directly change trading rules or product access. When checking market data and learning about trading platform services in daily life, information can be obtained through channels such as Huobi HTX registration and APP download, Sesame Gate.io registration and APP download, Bitget registration and APP download, Binance registration and APP download, and OKX registration and APP download; however, it should be noted that the above platforms have no connection to GL1 Org as stated in the materials.
Frequently Asked Questions
### Will GL1 Org issue its own token or products?
Neither source mentioned the organization issuing tokens or launching products to the market. According to its public functions, GL1 Org supports the development and adoption of common standards and frameworks for the tokenized financial market, and promotes interoperability among institutions, infrastructure, and jurisdictions.
### What impact does this have on ordinary crypto market participants?
Based on the materials, GL1 Org is positioned as an institution-level standards and infrastructure coordination body and does not involve retail business, trading rules, or product access; in the short term it has no direct impact on ordinary participants, and is more of a medium- to long-term signal at the industry standards level.
### What milestones should be watched going forward?
Neither source disclosed a specific timetable or work plan. Attention can be paid to GL1 Org's subsequent public progress on standards and frameworks, the way member institutions participate, and how it connects with the Monetary Authority of Singapore's GL1 initiative.