Cross-border tokenized corridors are moving from proof-of-concept to production. Hear from the people who made the crossing: what broke first - tech, legal or liquidity; what the operating model actually looks like when someone has to issue, settle and supervise; what they would never build again; and the honest timeline from pilot to scaled corridor. This discussion will be around the gating factors, the requirements, and what it really takes to move live value across borders on tokenised rails.

We are moving towards a multi-rail, multi-money world, where different forms of money and payment systems coexist. Interoperability matters, but so do the integrity and resilience of the financial system. How can policymakers advance these priorities together, and are there trade-offs to be made?

This session examines what it will take to build a trusted multi-rail financial system, and whether interoperability, inclusion, consumer protection and resilience can advance together — or whether some priorities must come first. With financial systems developing at different speeds across markets, the discussion asks where policymakers should focus their efforts today to deliver the greatest benefits for users and businesses. 

The financial system is evolving towards a world where different forms of money coexist and move across increasingly interconnected networks. Fiat money and commercial bank deposits continue to underpin the global financial system, while new forms and representations of money — including tokenized deposits, payment stablecoins and central bank digital currencies — are introducing different characteristics, capabilities and ways of transacting. As traditional finance, with its established institutions, infrastructure and scale, intersects with a growing decentralised finance ecosystem, the challenge is to ensure these different forms of money and financial systems can work together.

Building on the morning’s discussion of what should come first, this panel turns to the practical realities of a multi-money, multi-rail world. How can different forms of money connect across traditional and decentralised financial systems? What infrastructure, standards and regulatory approaches are needed to enable interoperability across borders, while safeguarding monetary sovereignty, financial stability and trust?