Tokenization is moving real-world assets such as treasuries, funds and credit onto new digital rails. The technology is advancing quickly. The harder question is whether the legal and regulatory framework can keep pace. When an asset becomes a token, does it retain the same rights and protections? Who owns the underlying asset? Which jurisdiction's rules apply when the token crosses a border? And what happens when different markets take different approaches? This conversation brings regulators and market participants together to examine where the rules are clear, where they diverge, and what still needs to be resolved for tokenized assets to scale.

National instant payment schemes are proliferating around the world, yet most remain valuable only within their own borders. As domestic networks mature, the next source of value lies not in individual schemes, but in the bridges that connect them.

This session explores the emerging cross-border interoperability layer: who is building it, how common messaging standards and technical frameworks make it possible, and how governance, costs, revenues, and risks are shared among the parties involved. The discussion will examine the different models being adopted globally, from bilateral connections to multilateral networks and shared infrastructure platforms.

Participants will leave with a clearer understanding of where payment interoperability is succeeding in practice, what challenges remain, and the trade-offs between different connectivity approaches.

One of the central questions the panel will explore is: when one country's instant payment scheme needs to communicate with another's, who builds the bridge, and who owns the toll?

As digital money, tokenized assets and next-generation financial infrastructures gain traction around the world, jurisdictions and institutions are adopting a growing range of technologies, infrastructure models and settlement systems. While this diversity is driving innovation, it also raises an important question: how can increasingly interconnected financial systems continue to operate seamlessly across borders — without waiting for a single global standard to emerge first?

This panel brings together the institutions alongside policymakers and innovators from Asia, Europe and the UK to discuss what regional cooperation actually requires in practice: unified ledgers, synchronisation mechanisms, privacy-preserving technologies, and the governance arrangements that let independently built systems trust one another.

The discussion will examine the technical, legal, operational and regulatory challenges involved in scaling these regional models, and explore how deeper connectivity between them — rather than a single unified global system — may be the more realistic path to an interconnected financial system.