[HSBC, JPMorgan Chase, and Three Other Banks Establish GL1 Org to Promote Tokenized Finance Market Infrastructure] According to the Business Times, five global banks—HSBC, JPMorgan Chase's Kinexys, Mitsubishi UFJ Financial Group, Societe Generale-Forge (a subsidiary of Societe Generale), and Standard Chartered Bank—have jointly established the Singapore-based non-profit organization, Global Layer One Organisation (GL1 Org), to promote the development of tokenized finance market infrastructure. The organization will support the development and adoption of common standards and frameworks for the tokenized finance market, and facilitate interoperability among institutions, infrastructure, and jurisdictions. GL1 Org is based on the Monetary Authority of Singapore's GL1 Initiative, which explores the development of shared ledger infrastructure that enables regulated financial institutions to deploy tokenized assets.