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Monetary Authority of Singapore and industry

Guardian Fixed Income Framework

GUARDIAN-GFIF

Authority
G, Reference architecture, toolkit or pilotNon-binding design evidence
Maturity
M2, Published and evolvingCurrent artifact with active change cadence or version-sensitive profiles
Version
2024 framework plus 2025 addendum
Jurisdiction
Singapore / global use

One of twelve records open without an account, chosen to span every class of authority so the classification can be judged before anybody signs in.

What it does

Technology-neutral debt tokenisation guide integrating BDT, CMTAT and design principles

Implementation

Specification or guidance

What it does not do

Industry framework/public good, not Singapore law; local legal, settlement and custody analysis remains required

This is the field that matters. Most failures here are a standard asked to carry something it was never written for, and the resulting gap is discovered in production.

Where it applies

Layers, the questions it helps answer

  • L0

    Legal and economic claim

    What right, liability or beneficial interest exists, under which law, and which record controls?

  • L1

    Product taxonomy and identifiers

    What is the instrument, token, party, venue, transaction and network?

  • L2

    Terms, contract and data semantics

    Which terms, legal agreements, code lists and data definitions are canonical?

  • L3

    Lifecycle event and process model

    What events, state transitions, calculations and exceptions exist?

  • L5

    Token representation and contract interfaces

    How are balances, positions, partitions, vaults and privileges expressed?

  • L6

    Identity, eligibility and compliance

    Who may act or hold, based on which revocable evidence and policy?

  • L8

    Cash leg and settlement

    How do cash and asset obligations discharge, atomically or conditionally?

  • L12

    Governance, operations and reporting

    Who may change, pause, correct, upgrade and report, under which approvals?

Phases, when in the life of an instrument

  • P0

    Design time

    legal classification, authority-of-record map, product archetype, standards shortlist

  • P1

    Build time

    schemas, interfaces, mappings, adapters, rules, invariants and test plans

  • P2

    Issuance and deployment

    identifiers, contracts, roles, registries, modules, documents and configuration manifest

  • P5

    Lifecycle servicing

    calculations, corporate actions, payments, queues, elections and reconciliation

bondGuardian

How it composes with others

Direction matters and is preserved. A conflict is not a warning about quality; it means the two cannot both hold without an adapter or a design change.

Source and terms of use

Primary source
https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/guardian/guardian-fixed-income-framework.pdf
Licence and access
Verify artifact-specific terms
Last verified
2026-08-15, primary source verified

The Institute links to and describes primary sources; it does not reproduce their normative text. Several of these documents are copyrighted and cannot be redistributed, and the licence note above is the record’s own statement of its terms, not a grant. Status is reported as observed at 2026-08-15 in catalogue release 1.0.0 and must be revalidated before use. Nothing here is legal, regulatory, accounting, tax, investment, security-audit or production-readiness advice, and neither a published status nor an open implementation is a regulatory approval or a certification.

Guardian Fixed Income Framework (GUARDIAN-GFIF) · IEI