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Chengyi Ong
Director of Policy & Regulatory Strategy, APAC
Circle
Chengyi Ong is Director of Policy and Regulatory Strategy for APAC at Circle, where she focuses on advancing digital assets, payments, and programmable blockchain infrastructure across the region, supporting the development of a more open and global financial system. Previously, she led APAC public policy at Chainalysis and spent over a decade at the Monetary Authority of Singapore, working across financial regulation, supervision, industry development, and central banking.
Speaking At
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4:00–5:30pmMon 16 NovPublic-Private RoundtableRoundtable Room 3Open
The Scaling Challenge in Tokenized Markets
BLOOM: When Digital Money Works Together
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Ankur KanwarMD, Head of Cash & TB, ASEANStandard Chartered Bank
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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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Nischint SanghaviHead of Digital Currencies, APVisa
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Park Kwan HoonExecutive Director, Group Strategic Planning OfficeOCBC
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Paull RandtDeputy Director, International Financial MarketsU.S. Department of the Treasury
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Pisut DarmaraksaSenior Vice President - Business Analyst / Solution Development MasterKASIKORNBANK Public Company Limited
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Qaiser AnwarudinDirector, Payment Services Policy DepartmentBank Negara Malaysia
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Rivai TanGlobal Head of StructuringMaybank
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Toh Wee KeeGlobal Head of InsightsKinexys by J.P. Morgan
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Victor LiewCo-founder & Chief Technology OfficerStraitsX
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Zilong LiHead of Digital Currency Unit, Global Transaction ServicesDBS Bank
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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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11:30am–1:00pmTue 17 NovPublic-Private RoundtableRoundtable Room 2Open
The Scaling Challenge in Tokenized MarketsGlobal Frameworks and Shared Best Practices in Payments Chains
Multi-Issuance and Its Alternatives: Making Cross-Border Stablecoin Recognition Work
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Aymeric SalleyHead of Digital Assets PlatformBanking Circle
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Chengyi OngDirector of Policy & Regulatory Strategy, APACCircle
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Jesse McWatersEVP, Head of Global PolicyMastercard
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Jonah CraneHead of Global Regulatory & Policy StrategyStripe
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June LauAPAC Head of Policy & Regulatory AffairsElliptic
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Kwadwo BotweFintech SupervisorBank of Ghana
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Lesley ChavkinHead of PolicyRibbit Capital
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Michael ManzHead of the Financial Systems & Financial Markets DepartmentState Secretariat for International Finance SIF
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Nobuyasu SugimotoDeputy Division Chief of Financial Supervision & RegulationInternational Monetary Fund
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Rahul AdvaniGlobal Co-Head of PolicyRipple
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Rosemary LimExecutive DirectorMonetary Authority of Singapore
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Sasha MillsExecutive Director of Financial Market InfrastructureBank of England
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Valeria ZafarHead of Institutional Market Development, KinexysJP Morgan
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Jannah PatchayExecutive in Residence & Board MemberGlobal Digital FinanceModerator
About this session
The GDF Global Stablecoin Regulatory Playbook, published in January 2026, set out shared terminology and outcome-based principles for stablecoin regulation across jurisdictions. The subsequent report ‘Global Stablecoin Regulatory Frameworks: Closing the Gap’ drawn from insights at the Point Zero Forum in June 2026 took this work a step further. It mapped where regulators already agree and isolated the one problem that domestic frameworks were never designed to solve: how a stablecoin issued under one jurisdiction's rules can circulate safely under another's.
The report framed two models for scaling beyond domestic rules. The first keeps issuance local while seeking to preserve a unified token, through multiple licensed entities issuing a fungible stablecoin under comparable standards. The second permits a foreign-issued stablecoin to operate through recognition based on comparable, rather than identical, regulatory outcomes. It also recorded differing regulatory perspectives on the perceived risk associated with multi-issuance, particularly correlated redemption pressure and the resilience of a stablecoin’s fungibility under stress.
The roundtable convenes policymakers, global standard-setters and industry leaders to examine how these models could operate in practice. When is multi-issuance necessary to meet host-jurisdiction objectives? When can unilateral or mutual recognition provide sufficient safeguards? Where a combination of the two is appropriate, how should responsibility for reserves, redemption, supervision and crisis management be allocated? The session will focus on the conditions needed to make each approach workable while preserving fungibility and avoiding unnecessary regulatory fragmentation.
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