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.

Technology can move money across borders, but can finance ever be truly borderless?

Globalisation and technology have promised more connected markets. Yet national priorities, different regulatory requirements and risks enabled by AI continue to complicate cross-border finance. As money becomes programmable and AI agents take on a greater role in financial transactions, how can innovation work across borders while respecting local rules?

This session will explore the frameworks needed to connect financial systems in a fragmented global economy. Discussion will focus on common standards, identity verification, and ways to build compliance requirements into programmable transactions, while preserving financial stability and national sovereignty.

Participants will gain a clearer understanding of the barriers technology alone cannot resolve, and the coordination needed to make cross-border finance more connected, trusted, and resilient.

Instant payment rails have improved payment speeds. The harder constraint now sits behind them. Intraday liquidity is still trapped in pre-funded nostro accounts. Repo and FX swap activity is still bound by cut-off times and business-day calendars. Treasurers still hold costly buffers against periods when markets are closed. As tokenised assets and continuous trading scale, markets will need more than 24x7 payments. They will need always-on interbank settlement and liquidity.

Drawing on the LSEG Digital Settlement House (DiSH) and Partior partnership, this workshop brings together a market infrastructure provider, global banks and an interbank settlement network to explore what it will take:

• Settling across banks and currencies: How can real-time, multi-bank settlement with shared rules on finality work across currencies and time zones?
• Managing settlement liquidity around the clock: How can banks fund and rebalance the liquidity they need to settle payments at any hour, and can intraday repo and FX swaps extend beyond today’s cut-offs to support it?
• Releasing trapped liquidity: How much pre-funding could banks free up, and what would that mean for balance sheet and capital decisions?
• Moving from pilot to scale: What operating, risk and regulatory conditions must be met before treasurers, boards and supervisors are comfortable with banks relying on this outside business hours?

Participants will leave with a clear view of what is live today, what remains in pilot, and the decisions institutions should make now to prepare for markets that never close. Treasury, markets and payments leaders are invited to bring their own questions to the discussion.