The two central banks jointly announced financial technology innovation projects, and the application of ERC-3525 has made significant progress.

At the Singapore FinTech Festival, the Monetary Authority of Singapore and the Central Bank of Ghana jointly announced Project DESFT, an inclusive financial technology solution based on blockchain innovation. According to Dr. Maxwell Opoku-Afari, First Deputy Governor of the Central Bank of Ghana, Project DESFT is jointly supported by the Monetary Authority of Singapore and the Central Bank of Ghana, and jointly designed and incubated by the Chinese blockchain technology team Solv and zCloak Network. It integrates corporate digital identity and cross-border trade. Various bills and certificates are converted into trusted digital certificates and then tokenized on the chain using the ERC-3525 standard. It aims to help small, medium and micro enterprises in developing regions participate in international import and export trade and accumulate business in cross-border digital economic activities. Reputation and credit, and access to fair, accurate and affordable financial services. The first phase of the project has been successful. ERC-3525 is a semi-fungible token standard designed by the Solv team. It was officially adopted in September 2022. It can describe digital assets with complex structure and logic, so it is particularly suitable for expressing real-world assets (RWA). The announcement of Project DESFT is another breakthrough of the ERC-3525 standard in real-world asset tokenization and blockchain real economy applications.