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Kazuki Ueda
Director, Head of Fintech Group
Bank of Japan
Kazuki Ueda joined the Bank of Japan in 2012 and currently serves as the Head of Fintech Group. Over his career at the Bank, he has held several roles, including supervising U.S. and U.K. banks operating in Japan and contributing as an economist in several research divisions within the International Department and the Research and Statistics Department. From 2021 to 2024, he served as a Senior Financial Market Analyst at the Bank for International Settlements (BIS) where he supported the work of the Financial Stability Board (FSB). He is currently pursuing a Ph.D. in Economics at Hitotsubashi University.
Speaking at SFF 2026
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2:45–3:15pmWed 18 NovPolicy StageHall 3, Singapore EXPOOpen
Policy Rewiring
Can Regulation Be Written Into Money Itself? The Case for Rules in the Rails, Tokenized Deposits & Conditional Money
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Dr. Eva HüpkesSecretary GeneralInternational Association of Deposit Insurers
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Ivan OdonnatGeneral Director for Financial Stability & OperationsBanque de France
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Kazuki UedaDirector, Head of Fintech GroupBank of Japan
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Vira PlatonovaGlobal Head of Visa DirectVisaModerator
About this session
Tokenized deposits and conditional money take the programmability idea one layer deeper. They pilot whether settlement, eligibility and compliance can be embedded directly in the money rather than enforced around it. That raises a regulatory question few frameworks have caught up with: who is liable when the rule embedded in the transaction, not a human decision, turns out to be wrong. This discussion examines how the embedded-rules approach works in practice, and what it removes from the compliance function. It also looks at what new failure modes this introduces once the rule is baked into the transfer rather than checked afterwards. Attendees leave with a clearer view of where this model is genuinely ready, and where regulators are still working out how to hold it accountable. One key question the discussion will dive into: if compliance is embedded in the money itself, who is accountable when the embedded rule is wrong?
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