Agenda
Mon 16 Nov9:30–11:00amPublic-Private Roundtable
Tokenized Markets: Frictions, Choices and the Path to Interoperability
Tokenized Market Infrastructure – The Scaling Challenge
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About This Session
Tokenization projects today are often built vertically, with each initiative solving a specific problem within its own ecosystem. Yet tokenizing an asset in isolation does not deliver the full potential of tokenization. Benefits such as atomic settlement and greater capital efficiency depend on interoperability across the entire transaction chain — from the asset and its supporting infrastructure to trading, settlement and the movement of money. The challenge is how countries and institutions can pursue their own tokenization ambitions while avoiding the fragmentation that siloed approaches risk creating.
This roundtable brings together findings from a year of open-call research, alongside problem statements and perspectives from private-sector practitioners navigating the practical choices, risks and constraints of tokenization. It will explore how a decision-making framework can help countries assess their starting points and ambitions, identify the capabilities required across the transaction chain, and consider different pathways towards more interoperable markets. Looking ahead to 2027, participants will discuss emerging problem statements and the coordination, partnerships and policy support needed to connect individual initiatives into a more coherent financial ecosystem.
- When
- Monday 16 November9:30–11:00am, Singapore time
- Where
- Public-Private RoundtableRoundtable Room 1
- Access
- Open
Speakers
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Herman Schueller
Director, Innovation & Technology Risk - Supervision
Dubai Financial Services Authority
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Jaime Pradenas
Head of Financial Technology Hub
Central Bank of Chile
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Kushal Balluck
Senior Manager, FMI Innovation & Payments Policy
Bank of England
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Peter Kerstens
Advisor, DG FISMA
European Commission
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Alan Crofts
Head of Innovation & Fintech
FMA New Zealand
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Tang Wei
Head of Public Policy, Southeast Asia & Greater China
Stripe
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Toh Wee Kee
Global Head of Insights
Kinexys by J.P. Morgan
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Jael Tan
Head of Government Programmes
Global Finance & Technology Network (GFTN)
Moderator -
Maha El Dimachki
Chief Executive Officer, GFTN Solutions
Global Finance & Technology Network (GFTN)
Moderator
More Tokenized Market Infrastructure – The Scaling Challenge Sessions
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2:00–3:30pmMon 16 NovPublic-Private RoundtableRoundtable Room 3Open
Tokenized Market Infrastructure – The Scaling Challenge
GL1 Dialogue: Infrastructure for a Programmable Financial System
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Audrey MetzgerDirector of Innovation & Financial Market InfrastructuresBanque de France
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Holger NeuhausHead of Market Innovation & Integration, Design Manager for TokenisationEuropean Central Bank
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John O'NeillManaging Director, Digital Assets & Currencies, CIBHSBC
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Masashi WatanabeManaging Director, Head of Digital AssetsMUFG Bank, Ltd.
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Naveen MallelaGlobal Head of PaymentsStandard Chartered Bank
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Stephanie CabossiorasChief Strategy & Global Policy OfficerSociete Generale-FORGE
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Toh Wee KeeGlobal Head of InsightsKinexys by J.P. Morgan
About this session
Global Layer One (GL1) has brought together policymakers, financial institutions and infrastructure providers to advance an ecosystem of open, interoperable and trusted digital infrastructures. This collaboration has produced practical outputs such as the Programmable Compliance Toolkit, which provides a common approach to implementing compliance across tokenized asset systems, and the Market Infrastructure Toolkit, which is already being used by market infrastructure providers to assess and demonstrate alignment with internationally recognised standards and risk management principles.
This roundtable convenes the GL1 community to share experiences from adopting and applying these toolkits, including practical implementation lessons and considerations for broader adoption. Participants will also look ahead to how this work can be extended to support new use cases and capabilities as the industry progresses towards a programmable financial system.
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3:45–5:15pmMon 16 NovPublic-Private RoundtableRoundtable Room 2Open
Tokenized Market Infrastructure – The Scaling Challenge
Connecting Tokenized Capital Markets
Public-Private RoundtableRoundtable Room 2Open
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Aaron SeabrookChief Operating OfficerMarketnode
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Andrea DoreGlobal Head of Treasury OperationsWorld Bank Group
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Audrey MetzgerDirector of Innovation & Financial Market InfrastructuresBanque de France
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David KatzVice President for Strategy & Public Policy, Asia PacificCircle
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Fernando VázquezPresident, Capital MarketsChainlink
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Gabriel CallsenSenior Director, FinTech and DigitalisationInternational Capital Market Association (ICMA)
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Magnus HaglindSenior Vice President & Head of Capital Markets TechnologyNasdaq
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Martin K. MüllerChairman of the Supervisory BoardRegulated Layer One
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Samuel RileyChief Executive OfficerClearstream Securities Services, Clearstream Holding AG
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Selene ChongGlobal Head of Digital Assets, CIBHSBC
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Prof. Tālis PutniņšCo-Chief Executive Officer & Chief ScientistDFCRC
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Tim WaySenior Director, Global BankingFireblocks
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Sandra RoChief Executive OfficerGlobal Blockchain Business Council (GBBC)Moderator
About this session
Tokenized bond and fund issuance is growing quickly, but secondary-market liquidity hasn't kept pace — largely because issuance still sits on separate, platform-specific systems that don't connect to each other.
Interoperability standards exist, but adoption remains voluntary, and what should carry the cash leg (stablecoins, tokenized deposits, or central bank money) is still unresolved. This session brings together issuance platforms, interoperability infrastructure, and standard-setters to discuss what it would take to converge on shared rails, so liquidity can catch up to issuance. -
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4:00–5:30pmMon 16 NovPublic-Private RoundtableRoundtable Room 3Open
Tokenized Market Infrastructure – The Scaling Challenge
BLOOM: When Digital Money Works Together
Public-Private RoundtableRoundtable Room 3Open
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Chengyi OngDirector of Policy & Regulatory Strategy, APACCircle
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Kah Kit YipHead of Blockchain & Digital AssetsUOB
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Kelvin LiSenior Vice PresidentAnt International
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Pisut DarmaraksaSenior Vice President - Business Analyst / Solution Development MasterKASIKORNBANK Public Company Limited
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Tianwei LiuCo-founder & Chief Executive OfficerStraitsX
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Alan LimDirector & Head, Financial Infrastructure & Artificial Intelligence OfficeMonetary Authority of SingaporeModerator
About this session
The conversation around digital money has largely focused on issuance, whether stablecoins, tokenized deposits or central bank digital currencies. BLOOM (Borderless, Liquid, Open, Online, Multicurrency) focuses on a different question: how can different forms of digital money coexist and work together seamlessly in real-world payments, treasury, liquidity management and cross-border settlement? Bringing together banks, payment service providers, FinTechs and policymakers, BLOOM supports the development, deployment and scaling of digital money solutions, alongside the interoperability, regulatory alignment and partnerships needed for adoption.
This roundtable convenes the BLOOM community to take stock of ongoing work on cross-bank interoperability, programmable compliance and liquidity optimisation, and share lessons from implementation. Participants will also explore emerging opportunities such as micropayments, agentic payments and automated treasury management, and identify the standards, partnerships and policy support needed to scale these capabilities across institutions and jurisdictions.
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