Most institutions are two years into tokenization and have a proof of concept, a white paper and no product. The gap is rarely technology. It is that nobody has resolved which asset, under which regime, held by whom, settled how.
A successful pilot proves a chain can move a token. It does not tell you which instrument your regulator will admit, who provides custody, or how the coupon gets paid on a bad Tuesday.
Tokenization sold internally as back-office cost saving competes with every other efficiency project and loses. Sold as new revenue on new assets and new clients, it competes with nothing.
Custody, settlement, collateral policy, risk weighting and the general ledger were designed for instruments held through a depository. None of them reaches an asset whose record lives elsewhere.
You cannot tokenize your way to a product if no instrument on your shelf has a regulatory path in your jurisdiction. Asset selection is a regulatory question before it is a commercial one.
Who holds the key, what happens on default, how delivery-versus-payment works when one leg is on-chain — these determine whether your risk function can sign, and they are usually left until last.
Corporate actions, redemptions, reporting, reconciliation and regulator notification need an operating owner. In most institutions this falls between innovation, operations and the product desk.
Highlighted steps are the ones we carry end to end. Durations are indicative for a first asset; each subsequent asset in the same class reuses most of the work.
Which asset, which client segment, which revenue line — chosen against what your regulator will actually admit.
The wrapper, the exemption or the filing, and the supervisory conversation that goes with it.
Key management, custodian arrangements, DvP model, collateral eligibility and the risk treatment.
Issuance and compliance contracts, core-banking and ledger integration, price and NAV feeds, audits.
A live instrument with real clients under a bounded limit, with the operating manual written as you go.
The second instrument in the same class reuses the framework and costs a fraction of the first.
Our board built a national depository and its KYC registry, and the distributed-systems core of a national payments and CBDC programme — eligibility, custody and settlement at hundreds of millions of accounts.
Our founder built and ran a regulated insurance product business distributing bite-size supervised products through corporate partners and a ten-thousand-strong agent channel. The motion is the same.
Risk assessment mapped to ISO 27005 and NIST, verification against deployed code, and a gate document written for an auditor.
You hold the authoritative record for a national asset class. It is digitised, but it is not yet financeable.
How we help →You have the licence and the users. What you lack is an admitted product on the shelf.
How we help →You are the system of record for your market. Tokenization decides whether you stay one.
How we help →You own the asset. You lack a wrapper a regulator will admit and a channel that can sell it.
How we help →You have the users and the app. You are missing supply and permission.
How we help →