One system at a time: the problem an institution has, how the system answers it step by step, and what it means for the business. Each piece discloses any relationship I have with the vendor.
Secondary trading of tokenised fund shares on a licensed platform: platform ledgers, offchain registers and market making against indicative net asset value
An investor in a tokenised money market fund in Hong Kong can now sell shares on a licensed trading platform at any hour instead of redeeming at the next net asset value. When a share changes hands, which book records the trade, what does the buyer then own, who keeps the price close to the fund's value, and how does this differ from trading the fund's listed class on the exchange?
Hong Kong
Registers of holders for tokenised money market funds: offchain registrars, tokens as the register, platform ledgers and shielded pools
A tokenised money market fund records who holds what on a ledger. In Singapore, Hong Kong, Japan and South Korea, who keeps the legal register of holders, and who can therefore see them?
Singapore, Hong Kong, Japan, South Korea
Custody of digital assets by banks: key management, segregation and client claims on insolvency
When a bank in Singapore or Hong Kong holds tokens for a client, what does it hold, and what does a regulator need to see before trusting it?
Singapore, Hong Kong
The travel rule for virtual asset transfers
Exchanges in India, Singapore and Hong Kong must pass the sender's and receiver's identity along with a crypto transfer. How do they do it when a blockchain records only addresses and amounts?
India, Singapore, Hong Kong
Retail central bank digital currency alongside a fast-payment system
India's Unified Payments Interface already moves money instantly at no cost to users. What does the retail e-rupee do that UPI cannot, and is that enough to draw users?
India
Legal and technical settlement finality on shared ledgers
A payment system has a legal moment after which a transfer cannot be undone. On a shared ledger, when is that moment, and who defines it?
Hong Kong, Singapore, India
Tokenised bank deposits and reserve-backed stablecoins as settlement assets
A bank can put its deposits on a ledger, or a licensed issuer can issue a stablecoin backed by reserves. For the holder, the bank and the regulator, what differs?
Hong Kong, Singapore
Tokenised corporate bonds on a depository ledger, settled in wholesale CBDC
India's bonds have been electronic in depositories since 1996. What does issuing them as tokens on a depository-owned ledger add, and what does it leave unchanged?
India
Permissioned tokens on public blockchains: holder whitelists and issuer controls in the token contract
Banks and fund managers in Singapore and Hong Kong issue tokens on Ethereum but limit who can hold them. What does a permissioned token on a public chain give them that a private ledger does not, and what risk remains?
Singapore, Hong Kong