In March, we hosted a Connect Forum Briefing in Singapore – a timely and energising conversation focused on one of the most powerful forces reshaping global investment: tokenisation. With the rapid acceleration of digital asset innovation, we designed this session to give our clients and partners a clear, practical view of how the market is evolving and what steps they can take now to lead, not follow.
Held as a breakfast briefing, the event brought together industry leaders from across asset management. Over the course of 90 minutes, we unpacked the commercial reality of tokenisation, previewed our live Digital Investments platform, and heard from a panel of experts on how they’re navigating this new frontier. Our aim was simple: to turn ambition into action.
A Journey Many Years in the Making
Opening the event, I reflected on the journey we’ve been on in Asia. Over the last few years, we’ve worked closely with clients and regulators across the region to explore how tokenisation can transform investment manufacturing and distribution. Those conversations are no longer conceptual, they’re moving rapidly toward deployment.
With live use cases, scalable infrastructure, and growing investor demand, we’re now at a point where tokenisation is not a question of if, but when – and how fast. As I told the room, “We’re not just pushing the boundaries anymore – we’re bringing real systems to life.”
Tokenisation Economics: The Business Case is Real
Andrew Tomlinson, Calastone’s CMO, kicked off the content with an in-depth look at the economics of tokenisation. Drawing from our recently published study with The ValueExchange, Andrew outlined the traditional cost structure of collective investment vehicles and demonstrated how tokenisation can reshape it.
The data was compelling: fund processing costs currently average 0.74% of AUM and are projected to rise by 32% in the next three years. Through tokenisation, asset managers can reduce those costs by up to 23%, unlocking more than $135 billion in potential industry savings. And that’s just the beginning.
Beyond efficiency, Andrew shared the revenue upside as well – faster time-to-market, lower seed capital thresholds, and improved expense ratios that drive new flows. “This isn’t just about cost-cutting,” he told the room. “It’s about building a leaner, faster, more competitive model for the future.”
Bringing Tokenisation to Life
Next, Simon Keefe, our Head of Digital Solutions, took the audience on a live journey through Calastone’s recently launched Tokenised Distribution platform.
Simon began by outlining the problem: today’s fund distribution model – built around intermediated processes and batch-based infrastructure – is struggling to meet the expectations of modern investors. It’s slow, expensive, and inflexible, particularly when it comes to accessing new distribution channels or global markets.
The Tokenised Distribution platform is Calastone’s answer to that. It enables a traditional mutual fund to be tokenised, permissioned, and traded across blockchain networks – public or private – via smart contracts in minutes, enabling clients to unlock access to a growing universe of investors who operate exclusively within blockchain ecosystems. Crucially, it does so without requiring asset managers or transfer agents to rip and replace existing systems. Instead, it integrates seamlessly with the current ecosystem, allowing for an evolutionary path to innovation.
Simon walked the audience through how a fund becomes a digital token, complete with programmable rights, auditable ownership, and near real-time settlement. The result is greater transparency, reduced friction, and the ability to embed funds directly into digital-native distribution environments – wallets, exchanges, or decentralised finance platforms.
“This isn’t tokenisation for tokenisation’s sake,” Simon said. “It’s about unlocking entirely new operating models, dramatically improving efficiency, and reaching investors where they are – digitally, globally, and instantly.”
This is where the power of Calastone’s network comes into play. With more than 4,500 participants already connected through our global mutual fund infrastructure, the same network is now being extended to support tokenised assets. “No one else has this reach,” Simon added. “And now, we’re putting it to work for the digital era.”
Industry Perspectives: From Possibility to Deployment
Edward Glyn, our Head of Global Markets, then led a dynamic panel discussion featuring Marita McGinley, Schroders, Euan McLeod, SS&C and Carol Sun, Fireblocks.
Each brought a distinct perspective, from asset management, servicing, and digital infrastructure, on what tokenisation means today, and where it’s heading.
Marita emphasised the need for real-world application and thoughtful progress, while Carol echoed the importance of building scalable infrastructure. “This isn’t just about technology. It’s about trust, finding the right partners to navigate this new space and drive adoption at scale.”
Euan noted the shifting conversation among institutional clients. “Everyone’s looking at inflows and tokenisation is increasingly seen as a way to attract new capital, especially from digital-native investors.”
The panel agreed: tokenised money market funds, collateral solutions, and wallet-based distribution models are already live or in motion. The opportunity is here but the window to lead is narrowing.
Fireside Chat: Calastone’s Global Perspective
To close, Grace Lee, Director in our Asia commercial team, joined Calastone’s Chief Commercial Officer, Brian Godins, to reflect on the global outlook. Brian spoke candidly about how Singapore has emerged as the epicentre of tokenisation innovation, not by accident, but by design.
“Singapore continues to lead because it’s bold,” he said. “The momentum we’re seeing here is real and we’re now in advanced conversations with clients on tokenised distribution and collateral.”
Brian also emphasised that Calastone’s strength lies not just in our technology, but in our network. “We’ve spent 15 years building global connectivity. Now we’re extending it to support tokenised investment, across public and private chains, seamlessly integrated with existing infrastructure.”
His message to the audience was clear: tokenisation is no longer a hobby or a side project. It’s a commercial priority. And those who start now will be best placed to succeed.
Final Thoughts
As I closed the session, I reflected on how far we’ve come, but also how much there’s still to do. We’ve reached a point where the value proposition is proven, the infrastructure is ready, and the market is moving. But we can’t do it alone.
Tokenisation is a collaborative journey. It requires asset managers, service providers, digital firms, and regulators to move together. At Calastone, we’re proud to provide the technology, insights, and guidance to help make that journey possible.
Singapore has always been ahead of the curve. And with the right partnerships, I believe it will lead the region – and perhaps the world – into the next chapter of digital investment.
