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Kushal Balluck
Senior Manager, FMI Innovation & Payments Policy
Bank of England
View LinkedIn profileKushal has led the design and implementation of the UK's Digital Securities Sandbox and leads innovation in post-trade at the Bank of England. He has over fifteen years of experience working on financial sector policy across the Bank of England and HM Treasury.
Speaking At
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9:30–11:00amMon 16 NovPublic-Private RoundtableRoundtable Room 4Invite-Only
Tokenized Market Infrastructure – The Scaling Challenge
Tokenization in Finance: A Year of Evidence and a Path Forward
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Herman SchuellerDirector, Innovation & Technology Risk - SupervisionDubai Financial Services Authority
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Jaime PradenasHead of Financial Technology HubCentral Bank of Chile
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Kushal BalluckSenior Manager, FMI Innovation & Payments PolicyBank of England
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Peter KerstensAdvisor, DG FISMAEuropean Commission
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Jael TanHead of Government ProgrammesGlobal Finance & Technology Network (GFTN)Moderator
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Maha El DimachkiChief Executive Officer, GFTN SolutionsGlobal Finance & Technology Network (GFTN)Moderator
About this session
Tokenization projects today are built vertical by vertical, each solving its own problem in its own silo. But tokenizing an asset on its own doesn't unlock what tokenization is actually for with the real benefit, from atomic settlement to capital efficiency, only being realised once the whole chain is interoperable end to end, not just the asset sitting on it. If the end state is a genuinely tokenized financial system, the question for any country or institution becomes how to build toward it without locking in the fragmentation a siloed approach creates. Tokenization in Finance: Evidence and Implementation Pathways starts from the premise that avoids tokenizing in a bubble and offers a playbook that lets a country begin from its own ambition, mapping not just what it takes to tokenize an asset, but the full chain needed to trade it efficiently and interoperably with everything else.
This roundtable shares what a year of open-call research has surfaced with a decision-making framework for countries looking to embark on their tokenization initiatives, problem statements from practitioners weighing key options and risks and worked examples showing the framework applied in practice. Participants will also look ahead to 2027, exploring the next wave of problem statements and identifying the coordination, partnerships and policy support needed to move from evidence to adoption across institutions and jurisdictions.
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