Programme

Stablecoins are inherently global, yet their regulation is increasingly fragmented. As major jurisdictions diverge on standards for reserves, custody, and issuance, how can the industry avoid a "splinternet" of digital value? This session examines the operational tools for multi-jurisdictional issuance and the pathways toward a harmonized global standard that preserves both innovation and financial stability.

If you would like to be part of the discussion, please register your interest here, subject to approval.

Merchants today operate in a global marketplace where customers expect seamless payment experiences across borders and currencies. Yet, fragmented payment rails and incompatible acceptance infrastructure continue to create friction, leaving merchants to navigate a maze of disconnected solutions. Achieving interoperability in cross-border merchant payments (P2M) remains elusive, as technical barriers and commercial interests perpetuate silos that undermine efficiency and trust.

While consensus exists that interoperability is desirable, the critical question is how to make interoperable P2M both commercially viable and technically sustainable across jurisdictions.

This design thinking workshop at Point Zero Forum (PZF) builds on the inaugural session at the GFTN Forum Japan, where senior stakeholders from financial services, fintechs, and policy circles convened to identify key challenges and opportunities. Preliminary recommendations from that dialogue included:

Commercial and Design Policies

·     Creating merchant-friendly universal standards for onboarding and settlement models

·      Designing incentives to encourage adoption of interoperable systems

·      Ensuring transparency of fees and predictability of settlement timelines

Technical Uplifts

·      Addressing critical risks including AML, data protection, and privacy through design architecture

·      Establishing robust API-driven technical architectures for P2M

·      Leveraging emerging technologies such as DLT to simplify and streamline cross-border transactions

At PZF, participants will revisit these foundational insights and engage in deeper exploration of the commercial and technical dimensions of interoperability. The workshop will focus on aligning standards, rethinking incentive structures, and developing top two actionable recommendations per category (commercial/technical) that move the needle on P2M interoperability. These recommendations would be further tested and finessed at the third design thinking workshop at the Singapore FinTech Festival. A proposed outcome of the workshops is a policy Insights Report to be published by GFTN.

As digital assets and tokenized financial market infrastructures gain ground, ensuring future-proof money is essential – from a monetary policy, financial stability and payments perspective.

In this fireside chat, Antoine Martin will elaborate on SNB’s perspective on money, tokenization, and liquidity fragmentation in an increasingly digitalized world.

A global bank managing trillions in assets, UBS is heavily investing in AI and positions itself for the major international wealth transfer, which is creating new opportunities for clients. In this fireside chat, Sergio P. Ermotti discusses UBS’s approach to AI, explains how UBS is responding to evolving client needs, and outlines how Switzerland can remain competitive in an era of change.

As money and financial assets become increasingly tokenised and move onto digital platforms, preserving trust is a central challenge. This speech by Andréa Maechler, Deputy General Manager, Bank for International Settlements (BIS), explores how trust in money is sustained, and how these foundations can be extended to emerging tokenised ecosystems.

Tokenization is reshaping wholesale payments, foreign exchange, and securities. As adoption grows across platforms and jurisdictions, it introduces fragmentation, operational complexity, and coordination challenges that may affect liquidity, settlement certainty, and systemic stability.

This roundtable will examine the governance, control frameworks, and cross-border coordination needed to ensure trust, integrity, and resilience in tokenized financial markets. It will explore practical approaches to embed compliance, interoperability, and accountability, advancing trust in tokenization, and enabling it to scale.

Necessity is the mother of invention! Last month, Georgia announced that it will put its national currency on blockchain rails in partnership with one of the world's largest stablecoin issuers — and the world is watching closely. This session extracts the blueprint: what decisions were made, what was left unresolved, and how programmable banking turns a bold issuance moment into lasting financial infrastructure.

Hear from the central bank Governor that took the leap, the private issuer leader that made it possible, and the founder of a programmable bank that shows what comes next. Three perspectives, three urgent questions: how to manage risks, what are the trade-offs and what happens next?

The global payments system is being rebuilt simultaneously across every layer: real-time rails, ISO 20022, CBDCs, stablecoins, and B2B clearing infrastructure are all live at once, each pulling in different directions. Leaders representing the full stack - from consumer networks and B2B rails to global messaging, public digital money, and the next frontier of SME payment access debate the architectural choices that will define how $320 trillion moves each year.

The digital euro and dollar-denominated stablecoins represent two distinct approaches to programmable money - one rooted in central bank architecture and monetary sovereignty, the other in private infrastructure and market-driven adoption. Each carries different implications for how money is issued, held, settled, and governed in a digital economy. This session explores the fundamental design choices behind both instruments, what they are each built to do, and how they are likely to coexist - or not - as Europe's digital currency landscape takes shape.

Tokenization of real-world assets is no longer a proof of concept - it is becoming load-bearing infrastructure. This session examines what that transition demands of exchanges: not incremental product updates, but a fundamental rethink of how clearing, custody, and liquidity are architected when the underlying assets are programmable.

AI agents are already booking travel, managing subscriptions, and initiating B2B purchases - without a human clicking confirm. As agentic commerce scales, the payments infrastructure built for human decision-makers faces fundamental questions: how do you authenticate a machine, assign liability for an autonomous transaction, and prevent fraud when the buyer never sleeps? This session examines the emerging architecture of machine-to-machine commerce and what it means for every layer of the payments stack.

The January 2026 publication of the GDF Global Stablecoin Regulatory Playbook marked a pivotal moment in the evolution of digital asset oversight. For the first time, a comprehensive, principles-based framework has been developed, by and for stablecoin issuers, to establish shared terminology, foundational concepts, and outcome-oriented principles for stablecoin regulation across jurisdictions.

Yet the core challenge identified by the Playbook remains urgent: despite growing convergence on broad objectives, significant divergence persists in legal classification, terminology, reserve requirements, and redemption standards across the US (GENIUS Act), EU (MiCA), UK, Singapore, UAE, and beyond.

This fragmentation creates compliance burdens for global issuers, undermines cross-border scalability, and risks undercutting the very benefits - frictionless payments, financial inclusion, monetary efficiency - that stablecoins are positioned to deliver.

This roundtable convenes regulators, policymakers, and senior industry participants to analyse the GDF Playbook's findings, stress-test its recommendations against real regulatory experience, and identify actionable pathways toward greater international alignment.

Why Now?

Stablecoins have moved decisively from experiment to infrastructure. The GENIUS Act has established a federal US framework; MiCA has come into force across the EU; Singapore, Hong Kong, the UAE, and the UK have each enacted or are finalising their regimes. The window for shaping global interoperability, before these frameworks calcify into divergent silos, is narrow.

The GDF Playbook provides a neutral, issuer-grounded reference point from which regulators, policymakers, and industry can build shared understanding. This roundtable is designed to translate that reference point into regulatory action - identifying where equivalence determinations are ripe, where supervisory cooperation agreements should be deepened, and where international standard-setters should focus their attention.

To date, regulatory and industry engagement on quantum computing has largely focused on quantum security, with meaningful progress made in raising awareness, developing transition plans, and beginning the migration to post-quantum cryptography.
 
This roundtable reflects on that momentum and asks a forward-looking question:
 
What can the quantum security journey teach us about the regulator's role in enabling innovation and quantum applications in financial services?
 
Starting with the lens of GFIN’s Project Otto – Quantum Maturity for Regulators, this discussion will bring together regulators and industry to:
- Reflect on what has worked well in progressing quantum security from awareness to early implementation
- Discuss the regulatory tools, approaches, and mechanisms that have supported firm engagement and investment
- Explore how these lessons can be applied to support firms in experimenting with, investing in, and ultimately deploying quantum-enabled use cases
- Consider how regulators can balance risk mitigation with enabling growth, ensuring markets are prepared for both the challenges and opportunities quantum technologies present
 
By connecting lessons and experiences from quantum security to emerging quantum advantage, this roundtable aims to support more coordinated, proactive, and innovation-oriented regulatory approaches to quantum computing in financial services.

Regulated, transparent, and bank-grade stablecoins are no longer a theoretical concept - they are a strategic necessity. This exclusive boardroom lunch briefing, powered by Societe Generale-FORGE, will convene a select group of senior leaders to stress-test the commercial and systemic implications of institutional-grade digital cash. We will explore how Euro and USD stablecoins can serve as trusted reference assets, enhancing Europe’s financial sovereignty and accelerating institutional adoption across crypto trading, cross-border payments, and capital markets.

If you would like to be part of the discussion, please register your interest here, subject to approval.

As digital assets become core financial market infrastructure, the question is no longer whether DeFi and traditional finance will converge, but how. In this executive panel we discuss what it takes to achieve true global interoperability across onchain markets and existing financial infrastructure. This session will examine how blockchain-based models, combined with trusted institutional standards, are enabling programmable value transfers, real-time settlement, and seamless connection between banks, liquidity venues, custodians, and blockchain networks at scale.

The discussion will dive into the practical realities of how to connect private and public blockchains, enable secure cross-chain transactions, and overcome fragmentation across disparate networks and standards. We’ll also discuss the technical, regulatory, and cross-border coordination challenges that must be solved to reach critical mass, and what a future financial system looks like when DeFi and TradFi are one seamless interoperable ecosystem.

Cross-border payments for merchants remain expensive, slow, and fragmented — and for SME sellers in emerging markets, often inaccessible entirely. This session tests whether tokenised money (stablecoins, tokenised deposits, CBDCs) is genuinely reducing cost, time, and friction for merchants in live corridors today, or whether the promise still outpaces reality. It then introduces agentic commerce — AI agents executing transactions autonomously on behalf of businesses — as the stress test that reveals whether the infrastructure, regulation, and trust frameworks being built are fit for what comes next. Participants will leave with a grounded picture of where tokenised money works for merchants today, where the gaps remain (particularly for SME sellers in emerging markets), and the specific policy and infrastructure conditions that would unlock the next stage of cross-border commerce.

The technology is proven. The regulation is arriving. So why aren't tokenised assets mainstream yet? The answer lies not in the rails themselves, but in the institutional plumbing around them: interoperable networks, central bank money that can settle on-chain, and regulatory frameworks that work across jurisdictions simultaneously.
- How can central bank money underpin private tokenisation markets without constraining innovation?
- Can MiCA, the GENIUS Act, and Asia-Pacific frameworks converge enough to allow truly cross-border tokenised asset flows?

What happens when Switzerland’s most ambitious young minds get 48 hours, a serious tech challenge, and just enough caffeine? Magic—or at least some pretty impressive prototypes.

In this session, the finalists from SwissHacks 2026, Switzerland’s premier hackathon, take the stage to pitch what they built and why it matters.

Stablecoins have crossed $300 billion in circulation. Tokenized deposits are live at various global banks. Yet for all the headline numbers, the hard question remains unanswered: how do programmable money instruments actually integrate with the treasury operations, correspondent banking relationships, and payments infrastructure that keep traditional finance running?

This session convenes senior practitioners from banks, corporates, and digital asset firms to examine the real friction points - legal, operational, and technical - where digital money collides with TradFi plumbing, and where the integration is showing progress. Participants will discuss strategies to scale the integration of digital assets within traditional operations, including updating risk management frameworks, adhering to regulatory requirements, and architecting interoperability across systems.

The consensus is clear: global payment networks see collaboration, not competition, as their path to future dominance. Major networks are already building bridges – Mastercard with Ant International, Swift with blockchain layers, NGP's Nexus connecting instant payment systems worldwide. But as these technical integrations accelerate, a critical question emerges: what policy frameworks will govern this interconnected future?
 
When payment networks interoperate across borders, whose rules apply? How do regulators ensure consumer protection when a transaction touches multiple jurisdictions and networks? As networks become more interdependent, how do policymakers balance innovation with systemic risk? And perhaps most importantly – how can policy frameworks evolve to support beneficial network effects while preventing any single player from wielding excessive market power?
 
This roundtable brings together payment network leaders, financial regulators, and policy experts to explore how regulatory frameworks must adapt to govern an era of payment network collaboration. The stakes are high: get the policy right, and we unlock unprecedented efficiency and inclusion in global payments. Get it wrong, and we risk creating new systemic vulnerabilities or stifling the very innovation that promises to transform how the world moves money.

As digital assets continue to expand across global markets, public and private sector stakeholders face growing complexities around operations, regulations, and scalability. Some advocate for a single global ledger, while others favour consistent standards to be applied across networks to enable seamless interoperability.
 
This roundtable will examine these perspectives and explore what it will take to build a scalable digital asset ecosystem on institutional-grade infrastructure.

As regulatory complexity grows across global financial markets, organisations face mounting pressure to streamline onboarding while maintaining rigorous compliance standards. This session introduces Veridian's innovative technology offering and its vLEI onboarding solution — a next-generation approach to regulatory compliance that reduces friction for both institutions and their clients. Attendees will gain insight into how modern compliance infrastructure can be reimagined to be faster, more transparent, and fully aligned with evolving regulatory expectations. Whether you're a financial institution, a regulator, or a technology provider, this session will offer practical perspectives on the future of compliant digital onboarding.

MiCA has established a harmonised framework for crypto-assets across the European Union, but the focus of policy discussion is now shifting from rulemaking to supervisory implementation. As digital asset markets become increasingly cross-border and interconnected, important questions are emerging around supervisory coordination, market oversight and the interaction between regional frameworks and global market activity.

If you would like to be part of the discussion, please register your interest here, subject to approval.

More details to follow.

The rails of money and assets are being redrawn. Digital assets are already reshaping treasury management, settlement, and payments, but making this technology work under a bank umbrella demands an entirely different standard of infrastructure. This session places first-mover banks at the centre of fast-growing digital asset ecosystems: as the trust anchor connecting stablecoin issuers, tokenized asset managers, payment companies, fintechs, and institutional settlement networks. Hear from the pioneers already building to that standard, and what it truly takes to get there.

More details to follow soon.

Quantum computing is no longer a distant theoretical promise - leading institutions are already running portfolio optimisation, derivatives pricing, and compliance simulations that classical computers cannot match for speed or accuracy. But readiness across the industry remains deeply uneven, the talent gap is acute, and the post-quantum cryptography migration clock is ticking loudly. This session brings together pioneers to map where quantum technology genuinely stands in financial services - and what it will take to move from early advantage to industry-wide transformation.

AI is driving progress across all sectors, including blockchain-powered financial services—accelerating efficiency and unlocking analytical capabilities that would have been unthinkable just a few years ago. The same capabilities transforming financial services are equally critical in managing the risks that come with them—from financial crime and illicit flows to smart contract vulnerabilities, operational and custody failures, and emerging threats to market integrity.

In this interactive workshop, leaders from financial intelligence, digital infrastructure, and global regulation come together to share what AI-powered risk management looks like on the ground today—the wins, the lessons, and the open questions. Rather than debating frameworks, this session will allow for honest exchange: what's being built, how it's landing, and what the path to responsible, explainable AI adoption might need from policymakers tomorrow.

This session aims to define the urgent, concrete steps needed to make AI-powered risk management a foundation — not an afterthought — of the digital economy.

As the European Central Bank advances the Digital Euro towards legal and operational readiness, key design choices today will shape Europe’s payments architecture for decades. In this virtual fireside, Piero Cipollone, Member of the Executive Board, European Central Bank will be sharing the latest strategic updates on the Digital Euro initiative.

Europe’s monetary architecture is being actively redefined: central bank digital currencies (CBDCs), local currency denominated stablecoins and tokenized deposits have been added to the mix of public and private money in Europe’s digital financial system. This session brings together central banks and industry leaders to assess the emerging landscape of digital currencies in Europe and to confront the key design trade-offs around privacy, interoperability, and distribution. From the role of intermediaries to the risk of fragmentation across competing forms of digital money, the discussion will explore how Europe can balance innovation, sovereignty, and financial stability in its future financial infrastructure.

The stock market is going on-chain. The NYSE-DTCC Russell 1000 pilot, the explosion of tokenized Treasuries past $11 billion, and a generation of on-chain private credit platforms are no longer proofs of concept - they are live infrastructure. The question has shifted from whether capital markets can tokenize to how fast the supporting stack - prime brokerage, custody, clearing, compliance, and investor access - can be rebuilt for on-chain settlement.

This roundtable convenes the architects of Digital Capital Markets to map where the infrastructure is genuinely ready, where legacy systems are the bottleneck, and what it will take to move emergent infrastructure from pilots to the primary issuance venue of choice. Participants will examine the impact of specific on-chain mechanics on the next generation stock market, including:

1. how T+0 atomic settlement changes margin and liquidity requirements
2. what fractionalisation does to price discovery and secondary market depth, and
3. whether the current generation of permissioned chain architectures can deliver the throughput and finality guarantees that institutional issuers actually require.

The session will also address the regulatory frontier - jurisdictional recognition of on-chain ownership, the status of tokenized securities under existing market structure rules, and where the gaps between MiCA, the GENIUS Act, and emerging APAC frameworks create opportunities for either arbitrage or paralysis.

In recent years, the function of popular cryptocurrencies has shifted. While originally designed as payment instruments, they are nowadays more frequently used as highly volatile investment objects by a variety of investors including retail investors. While a BIS Working Paper showed that between 2015 and 2022 an estimated 73-81% of retail investors have likely lost money on their initial investment in Bitcoin, recent reviews by IOSCO and FSB found that investor protection is still underdeveloped in this area.

This raises the question how and to what extent investors, especially retail investors, must be protected. Starting with a discussion on the available data, the panellists will discuss gaps in current regulation and concepts for an appropriate cryptocurrency regulation architecture in the area of (retail) investor protection.

OpenClaw has introduced the power of autonomous Agentic AI to the masses, powering real-world actions across innumerable consumer and enterprise systems. However, there is now a new class of security, identity, and compliance challenges that traditional infrastructure was never designed to handle.

In this session, Gary Liu from Terminal 3 explores how governed AI agents that can handle sensitive credentials — including payment data, PII, and API keys — without exposing them to risk, and what trustworthy, auditable agent deployment looks like in the age of OpenClaw.

Autonomy of automated systems is increasing rapidly thanks to advances in agentic AI technology. This development impacts not just our everyday life but the economic framework and established systems in various ways, ranging from the automation of simple tasks to increasingly autonomous systems of agents interacting with minimal oversight.

This roundtable unpacks the impact such developments have on both traditional and on-chain payment systems and explores risks and opportunities emerging as adoption progresses.

A diverse group of roundtable participants representing the “full-stack” of payment system actors, including central and commercial banks, regulators, payment providers, digital asset platforms and technology providers, will discuss implications for liquidity management on both an individual and systemic level, uncover design principles for safe agent-based payment systems, and provide insights on priorities for regulatory coordination.

In an increasingly fragmented and volatile global environment, resilience has shifted from a technical requirement to a core design principle for Financial Market Infrastructures (FMIs). While Distributed Ledger Technology (DLT) promises enhanced efficiency and decentralised continuity, its potential contribution to systemic resilience, and the new vulnerabilities it may introduce, remains a critical area for strategic debate.

This invitation-only session will convene a curated cohort of Senior policy makers and C-Suite leaders to explore the role of DLT-based infrastructures in safeguarding the stability of payments and capital markets.

If you would like to be part of the discussion, please register your interest here, subject to approval.

European households maintain high savings rates, yet retail participation in capital markets remains significantly lower than in other major economies. While the EU’s Savings and Investment Union (SIU) provides a visionary policy backdrop, structural barriers—including high fees, share price accessibility, and complex market entry—continue to block the path for the everyday investor. The core challenge is not behavioural; it is a "knowing-doing" gap where the desire to invest is stifled by informational and structural friction.

Join senior leadership from Robinhood and a curated group of executives for a first look at newly released research into the motivations and barriers of the European retail investor. This session will deep-dive into the practical application of stock tokens - MiFID II-regulated instruments backed by listed equities—as a scalable solution to democratise market access.

If you would like to be part of the discussion, please register your interest here, subject to approval.

As financial flows increasingly move across fiat, stablecoins, and tokenized assets, the infrastructure supporting global value transfer is rapidly evolving. From settlement networks and on/off ramp infrastructure to multi-asset treasury and liquidity flows, institutions are rethinking how value moves across borders in a more digital, always-on economy.

But scaling these systems globally requires trusted governance, regulatory alignment, and coordinated technical standards that allow value to flow across jurisdictions. This session convenes infrastructure providers and financial institutions to explore what will be needed to support the next phase of global connectivity and adoption.

Every year, trillions of dollars move through fintech markets governed by rules that no one has systematically measured, compared, or ranked across sectors.

At PZF 2026, the Fintech Foundation and GFTN introduce the FinTech Regulatory Futures Index, the first rigorous, evidence-based benchmark that measures regulatory quality across jurisdictions.

The Index aims to function as a public-interest instrument and a call to action for every market that wants to lead. Built with regulators, practitioners, and academics from over 30 countries, the Index is designed to become the definitive global reference point for what good fintech regulation looks like, and what it costs when it falls short.

As digital assets, tokenisation and new payment technologies move into the core of global finance, the conversation is shifting from experimentation toward real world commercial adoption and scalable financial infrastructure.

This exclusive Breakfast Briefing, hosted by GFTN and Bybit, will bring together senior policymakers, financial institutions, central banks and industry leaders to discuss how next generation financial infrastructure is reshaping capital markets, payments, settlement and global asset distribution.

The discussion will focus on the practical opportunities emerging from tokenisation, digital assets and programmable financial infrastructure, including more efficient capital formation, improved cross border liquidity, faster settlement models and broader access to investment opportunities globally.

Participants will also explore how public and private sector collaboration can support the development of resilient, trusted and institutionally aligned digital financial ecosystems, while maintaining strong standards around market integrity, consumer confidence and financial stability.

The session is designed as a forward looking exchange among decision makers shaping the future architecture of global financial markets.

If you would like to be part of the discussion, please register your interest here, subject to approval.

The 60/40 portfolio is under structural pressure - and the $145 trillion shift toward private markets is no longer a trend, it is a reconfiguration. A new generation of clients is demanding access - the platforms and institutions built to serve private wealth are both rebuilding their models at the same time. This session brings together two leaders who have shaped the industry from different vantage points to ask the defining question: when the clients, the assets, and the access points are all changing simultaneously, how does wealth management rebuild itself - and what does the private bank of 2030 actually look like?

For the first time, the industry has what it spent years demanding - regulatory clarity, with MiCA enforced, the GENIUS Act signed, and market structure reform unlocking institutional tokenisation at scale. Yet the tailwinds arrive alongside real headwinds: a fractured macroeconomic order, geopolitical realignments reshaping capital flows, and AI competing for the infrastructure investment and boardroom attention once directed squarely at digital assets. This gathering of industry CEOs takes an honest look at where the industry truly stands.

MiCA's 2026 deadline and the GENIUS Act's January 2027 compliance window represent two very different answers to the same question: how do you bring digital assets inside the regulatory perimeter without breaking what makes them work? The choices embedded in each framework - on reserve requirements, stablecoin volume caps, extraterritorial reach, and licensing architecture - will determine which markets lead and which lose ground. This session examines the design principles behind global digital asset regulation, and asks where the frameworks converge, where they conflict, and what a coherent global standard might actually look like.

Programmable money is moving from white paper to live infrastructure: banks are building regulated stablecoins, while central banks and major institutions are testing tokenized deposits and reserves for real-value settlement. This session examines what programmable money changes for banks, regulators, and the international monetary system, and why the choice of architecture may matter as much as the technology itself.

Denmark is among the most digitalised countries in the world when it comes to payments. This high degree of digitalisation has brought significant efficiency gains, but it also makes operational resilience and sovereignty key policy considerations, both for the payments landscape of today and of tomorrow.

Taking Denmark as a case, the session addresses both perspectives. For today's payments, it presents Danmarks Nationalbank's work to ensure that payments function even under significant disruptions. For the payments of tomorrow, it considers new types of digital money and the role of central banks in the future payments landscape.

More details to follow soon.

In this keynote address, Alexandra Baumann, incoming Swiss Ambassador to Singapore, explains why Geneva is uniquely positioned to serve as the global hub for AI governance, and why Switzerland is well placed to convene and lead this international dialogue. She outlines the vision for the Geneva AI Summit 2027 and what it means for the fintech sector.

How stablecoins support major transformation of market infrastructures

From autonomous agents to the management of LLM and other generative AI technologies, artificial intelligence disrupts conventional understandings of data governance, particularly within financial services. This disruption is engendering new trade-offs that policymakers, regulators, and financial institutions have to grapple with, including:

• Reducing digital dependencies vs engaging the realities of a borderless market

• Preserving stability and building internal capabilities while optimising for speed and innovation

• Managing regulatory divergence without sacrificing operational coherence across markets

As AI agents become increasingly empowered to execute transactions on behalf of individuals and businesses, and institutions become increasingly reliant on models developed by a concentrated pool of Big Tech players, how can governments, financial infrastructure operators, and financial institutions balance competing objectives? This session aims to develop a set of principles for governing the use of AI and data within financial services, capturing insights from across the ecosystem.

The ever evolving and accelerating world of financial and payment services presents challenges for regulators and market participants. Regulators struggle with establishing an appropriate regulatory framework to effectively address the risks associated with services leveraging innovative technologies and market participants may reject new rules if compliance is perceived as too burdensome and costly.

Technological advancement, however, not only presents challenges but also opportunities as rules and policies may be directly implemented into products and the provision of services to clients. At the roundtable, regulators, academics and industry leaders will explore the potential, risks and limits as well as regulatory requirements on a national and international level of this approach, which is commonly referred to as "programmable compliance". 

The problems that constrain tokenization at scale do not belong to one working group, one institution, or one regulatory perimeter. Cross-ledger settlement, stablecoin licensing fragmentation, FMI readiness in developing markets, and the legal enforceability of smart contracts are structurally connected with each a precondition for the next, each requiring actors across infrastructure and regulation to work from the same evidence base.

This session brings both working groups together for the first time in person. Working Group 1 (Interoperability and Infrastructure) and Working Group 2 (Regulation, Trust, and Governance) will each present their problem statements before presenting to the Oversight Panel. The purpose is to establish shared understanding of the initiative's full scope, test framing with peers who approach the same challenges from different vantage points, and sharpen the asks that each working group will direct to the Oversight Panel in the session that follows.

About the initiative

GFTN has launched _Tokenization in Finance: Evidence and Implementation Pathways_, a structured, multi-stakeholder initiative convening two working groups drawn from leading financial institutions, infrastructure providers, and market participants to assemble a practitioner-oriented evidence base spanning spanning digital money and payment rails through to tokenized real-world assets, securities, funds, and capital markets infrastructure. At Singapore FinTech Festival in November 2026, the initiative will publish a practitioner guide designed to give financial institutions a structured basis for sequencing their digital asset strategies, and to equip regulators and finance ministries in emerging and developing economies with implementation pathways they can draw on directly.

Idle corporate cash has long been a missed opportunity - but tokenised money market funds, on-chain repo, and atomic settlement are rewriting the treasurer's playbook. Major institutions are already delivering yield and instant liquidity through tokenised instruments, settling FX derivatives on-chain, and integrating programmable collateral into intraday operations. This session examines what the shift to programmable treasury infrastructure means for CFOs navigating 24/7 markets with systems built for banking hours.

Technology and client demand are converging: banks can deploy stablecoin deposits into pooled, KYC'd, RWA-collateralised lending venues today. What's missing is the regulatory scaffolding — the economic model is novel, prudential treatment is undefined, and supervision hasn't caught up.

Two implementation choices would create uncontested ground: separate institutional DeFi from retail/permissionless DeFi, and separate it from tokenised repo. From there, regulators should recognise an asymmetric permissioning model (permissioned borrowers, permissionless suppliers) and define the prudential treatment of bank-held positions in tokenised credit venues.

Global finance is moving beyond simple payment rails. The next generation of financial market infrastructure must support a broader universe of digital liabilities, assets, and ledgers - across institutions, asset classes, and jurisdictions.

This panel will explore how multi-chain, multi-asset orchestration connect diverse ledgers and enable practical convergence without relying on a single monolithic platform. Leaders from major global institutions will discuss the implementation of digital cash including tokenised deposits for example with Partior; the LSEG DiSH Trust Account model; and how banks, FMIs, and technology providers are jointly delivering live use cases.

Join this session to see how the industry has productionised services to seamlessly synchronise interbank liquidity as a resilient foundation for the next generation of global financial market infrastructure.

Regulation is one thing; implementing new rules across live systems, global entities, and market infrastructures is another entirely. While firms grapple with operationalising evolving regimes such as MiCA and the GENIUS Act, policymakers and standard-setting bodies are simultaneously reshaping the principles that underpin tomorrow's financial market infrastructures (FMI).

This session brings together policymakers, central bankers, and industry practitioners to examine where gaps between policy intent, global standards, and operational reality are widest, how industry, policymakers, and regulators can better coordinate in an environment where rules and infrastructure are being built in parallel, and what the future of the institutional digital assets ecosystem will look like.

The global monetary system has a plumbing problem. Correspondent banking is slow, expensive, and exclusive, and now a $300 billion stablecoin market has grown around it. Yet 97% of that market is dollar-denominated, issuers hold hundreds of billions in short-term Treasuries, already impacting yields, and the largest stablecoin carries rating agencies’ lowest stability ratings.

Stablecoins could become genuinely useful payments infrastructure: for cross-border payments, programmable settlement, and treasury operations. In this roundtable we explore what it takes to make stablecoins truly stable and useful for broad adoption, and why Switzerland is well-placed to help (re-)define what responsible stablecoin design looks like.

Digital assets, programmable money, and AI-driven transactions are crossing borders at increased speed. But the rules governing them are being written jurisdiction by jurisdiction, with no shared architecture in sight. As the US advances GENIUS Act rules for private-sector stablecoins, the EU deepens MiCA and pursues a digital euro, and China scales its state-backed e-CNY, three major economies are building divergent governance frameworks around one underlying technology — with significant implications for cross-border payments, monetary policy transmission, and AI in the global financial system.

This policy divergence is a compliance challenge for market participants, but it is also the early stage of a structural buildup. When domestically rational policy choices generate internationally costly spillovers — and when no coordinating mechanism exists to manage them — fragmentation compounds over time until the cost of inaction becomes prohibitive. Digital currencies and AI governance are following this trajectory, and while the window to get ahead of it remains open, it is closing.

Against this backdrop, the Bretton Woods Committee will convene a closed roundtable at Point Zero Forum on Thursday, June 25th to bring together global policymakers, central bankers, regulators, and private sector leaders to stress-test the diagnosis. This discussion will directly inform the Bretton Woods Committee's upcoming work, with a focus on the defining digital governance challenge of the moment: whether coordination across jurisdictions can accelerate to match the digital rails being built beneath the global financial system.

The roundtable will be a 90-minute discussion featuring 10 minutes of scene-setting remarks from featured speakers, followed by an open exchange among the broader group. A brief framing paper will be circulated in advance. The core question animating the discussion: What are the costs of continued fragmentation — and what global coordination mechanisms are necessary to manage the associated risks and opportunities?

Blockstream Research is a leading research lab in the Bitcoin ecosystem, working on cryptographic protocols and security. A quantum computer could forge the signatures that authorize Bitcoin and Liquid transactions and use them to steal coins. Liquid, Blockstream's Bitcoin sidechain, is exposed in more ways: an attacker with a quantum computer could also inflate confidential assets, strip their privacy, forge the federation's block signatures to take over consensus, or go after the Bitcoin peg. We walk through each threat, show what we have already built (including the first post-quantum transactions on a production Bitcoin sidechain, run on Liquid), and say plainly what is still open and why we think those problems can be solved.

As part of its Horizon Numérique 2030 strategic programme, Caisse des Dépôts has launched significant initiatives at European scale, including a €18 billion financing policy by 2030 to support the digital transformation of the economy. Within this broader framework, Caisse des Dépôts has developed a dedicated roadmap for digital assets and tokenised finance, which will be presented during this boardroom around four strategic priorities: financing the European ecosystem, operating trusted tokenised services, supporting market-wide adoption and progressively integrating tokenised assets into the Group’s own issuance and investment activities.

If you would like to be part of the discussion, please register your interest here, subject to approval.

Tokenization is reshaping financial infrastructure across many economies. The decisions that are being made now on architecture, standards and governance will determine whether that infrastructure serves developed and emerging and developing economies, or leaves some behind. Ensuring that outcome requires senior public sector voices at the centre of these conversations.

This session brings both working groups and the public sector Oversight Panel together for the first time. Working group leads will present their confirmed problem statements on what the evidence shows, and receive feedback and recommendations that working groups will pursue to build the practitioner's guide that will publish at Singapore FinTech Festival in November 2026.

About the initiative

GFTN is launching _Tokenization in Finance: Evidence and Implementation Pathways_, a structured, multi-stakeholder initiative convening two working groups drawn from leading financial institutions, infrastructure providers, and market participants to assemble a practitioner-oriented evidence base spanning spanning digital money and payment rails through to tokenized real-world assets, securities, funds, and capital markets infrastructure. At Singapore FinTech Festival in November 2026, the initiative will publish a practitioner guide designed to give financial institutions a structured basis for sequencing their digital asset strategies, and to equip regulators and finance ministries in emerging and developing economies with implementation pathways they can draw on directly.

As CBDCs move from pilots to policy and stablecoins scale into real-world payment and settlement use cases, digital money is entering a phase of practical deployment. Yet regulatory and technical fragmentation continue to threaten the efficiencies that tokenization at scale promises to unlock.

The discussion will focus on where real adoption is already taking place today, what barriers are still preventing scale, and how central banks, financial institutions, and technology providers can unlock interoperability across CBDCs, stablecoins, and tokenized financial systems globally within current market conditions.

Crypto-assets, stablecoins, tokenization, and blockchain-based financial infrastructure are rapidly transforming global finance - and regulators are moving just as quickly to establish new transparency and reporting standards. International standard-setting bodies, particularly the OECD, have introduced new global reporting frameworks for digital assets that are already being implemented, or will shortly come into force, across major financial centers and offshore jurisdictions alike, including the UAE, Singapore, Hong Kong, Switzerland, the UK, the EU, the Cayman Islands, BVI, and Seychelles.

This session will provide attendees with a practical and internationally focused overview of the emerging compliance landscape, including CARF and related reporting developments, and explore what financial institutions, crypto-asset service providers, payment providers, and intermediaries need to consider to remain compliant in 2026/2027 and beyond.

Participants will gain insights into:

• Key global implementation trends and timelines
• Operational and compliance challenges arising from the new frameworks
• Practical considerations around data collection, reporting readiness, and governance
• How firms are preparing internally for a rapidly evolving international reporting environment

Blockchain has created a new attack surface - from bridge exploits and mixer obfuscation to cross-chain layering that outpaces the tools regulators were given to fight it. As institutional capital flows onto on-chain infrastructure, the stakes of getting AML, sanctions screening, and transaction monitoring wrong have risen sharply.

This session brings together compliance leads, blockchain analytics practitioners, and regulators for an unfiltered conversation about what financial crime looks like in a tokenized system, what the current toolset can and cannot catch, and where the industry needs to move before the next major exploit exposes the gap.

Participants will examine the specific failure modes: how privacy-enhancing technologies complicate sanctions screening, why cross-chain bridges remain the highest-risk chokepoint in institutional flows, and what travel rule compliance actually looks like when assets move between permissioned and public infrastructure. The discussion will also touch on how intelligence is shared - or not - across institutional networks, and what it takes to make that collaboration work at scale.

The roundtable will also confront a harder structural question - whether the AML frameworks inherited from fiat finance are architecturally capable of governing a system where settlement is atomic, pseudonymous, and borderless by design, and what a purpose-built compliance regime for tokenized markets would need to look like.

Cross-border payments remain among the most expensive, slowest, and least accessible financial services globally. Stablecoins have emerged as a working alternative in the corridors underserved by traditional correspondent banking, processing significant volume alongside traditional rails, but questions of trust, reserve integrity, adoption, and systemic risk remain unresolved.

As regulatory frameworks mature across jurisdictions, this roundtable will explore the question of whether stablecoins are poised to graduate from a parallel system into genuine cross-border payment infrastructure, and what has to be true about their design, governance, and regulatory treatment for that to happen.

With payment-native banks, institutional settlement networks, and central banks at the table, the conversation will move beyond the technology debate to the harder questions of standards, coexistence, and who bears the risk when settlement infrastructure fails at scale.

This workshop overview will explore how digital assets and tokenization offer significant potential for banks to create value through new revenue streams, enhanced efficiency, and strengthened competitive positioning. Participants will learn to develop and execute digital asset strategies across key areas, including crypto brokerage and crypto-backed lending, tokenized money, tokenized funds, and tokenized real-world assets.

Join us at this SFW x PZF Afterparty on Thursday, 25th June, 7PM onwards, at the LABOR5 Zürich.