Tokenisation could become the next operating system for funds — but where is the real value today, and what still holds the market back? In this episode, we explore what actually changes when fund shares become tokenised, why Singapore matter far beyond Asia, and whether tokenised money market funds are emerging as the first truly scalable use case.

We also look at the practical bottlenecks: legal structuring, onboarding, wallets, recordkeeping, settlement and liquidity. Finally, we take a global view and discuss how Singapore, Luxembourg, Germany, Switzerland, Hong Kong, the UAE and the US are positioning themselves in the race to shape the future infrastructure of fund markets.