Tokenization pilots keep succeeding technically and failing to scale, because liquidity fragments across a dozen new rails instead of moving as one. This session makes the case that fragmentation, not technology, is the real risk institutions face next, and shows what banks moving past the pilot stage are actually doing differently to solve it. 

RWA tokenisation has a surplus of vision and a shortage of honest post-mortems. This session is the latter. Which asset classes are seeing real traction, and which are stuck in pilot theatre? How much settlement has actually been compressed and what breaks in the transition? Tokenised collateral promises mobility the legacy system can't match, but only if the legal frameworks hold. The question for banks, financial institutions and asset managers: who are the new investors, and what do they need to see before they allocate? Practitioners who have shipped and carry the scars, separate the working from the wished-for.

As trade corridors shift and USD liquidity tightens, SMEs are moving into new markets faster than financial institutions can keep up. This session explores what's changing on the ground and how banks can support SME growth across emerging-market corridors and beyond.