The panel brought together perspectives from across banking, payments and capital markets. While each organisation is approaching the opportunity from a different starting point, there was a surprisingly strong consensus on a number of important themes.

Most notably, nobody is talking about technology for technology’s sake anymore. The focus has shifted to solving real customer problems, improving outcomes and building the foundations needed to support future growth. 

One of the most encouraging aspects of the discussion was the recognition that tokenisation is no longer confined to proofs of concept and innovation labs.

Across the industry, we are beginning to see real transactions, real customers and real business activity emerging. Panellists shared examples ranging from tokenised liquidity management and always-on payments to tokenised funds, bonds and investment products. Transaction volumes are growing and institutions are increasingly moving from pilots towards production environments.

That does not mean we should confuse progress with inevitability. Tokenisation will not transform financial services overnight. There remains significant work to do around regulation, legal frameworks, operating models and market standards before we achieve meaningful scale.

At NatWest, our perspective remains one of healthy optimism combined with practical realism. We need to be involved in shaping how these markets evolve, whilst being honest about where we are on the journey and what still needs to happen. 

A recurring point throughout the discussion was that customers are rarely asking for tokenisation itself.

What they are asking for is faster settlement, easier access to liquidity, reduced friction, greater transparency and better user experiences. Tokenisation may be one way to solve those challenges, but customers typically focus on the outcome rather than the underlying technology.

I often compare this to the introduction of contactless payments in the UK. Consumers were not demanding contactless cards. Merchants were not campaigning for near-field communication. The problem they wanted solved was slow checkout queues. The industry responded with a new way of delivering a better experience.

The same principle applies here. Success will come from identifying genuine customer pain points and then determining whether tokenisation can provide a better solution than existing infrastructure. If the answer is yes, adoption will follow. If not, customers will continue to use what already works.

Another strong takeaway was that tokenisation is unlikely to replace traditional financial infrastructure entirely. Instead, we are entering a period where legacy and emerging systems will coexist.

Interoperability emerged as perhaps the most important topic of the discussion. Financial institutions, market infrastructures and payment systems will need to work together across different technologies, jurisdictions and operating models. Customers will expect seamless movement between traditional and tokenised assets, digital and conventional payment rails, and domestic and cross-border networks.

In practice, this means that many organisations are pursuing hybrid models. We are already seeing examples where tokenised processes interact with traditional payment systems and settlement infrastructure. That hybrid approach may prove to be a natural stepping stone on the path towards broader adoption.

Rather than viewing tokenisation as a replacement programme, it may be more helpful to think of it as an enhancement layer that gradually introduces new capabilities alongside trusted and proven financial services infrastructure.

One of the realities of tokenisation is that no single institution can build the future on its own.

The value of a network comes from participation. Whether discussing tokenised deposits, digital money, tokenised securities or new settlement models, interoperability requires collaboration between banks, regulators, market infrastructures and technology providers.

This is particularly relevant from a UK perspective.

At NatWest, we have been actively involved in industry initiatives focused on tokenised deposits and digital forms of money. The goal is not simply to develop new technology but to ensure the UK remains competitive in a future financial system where money and assets increasingly move in digital form.

Consortium work can be difficult. Institutions may share similar objectives while pursuing different strategies. Yet the importance of maintaining sterling’s relevance and supporting UK innovation means collaboration is essential. 

One of the most valuable lessons from the discussion is that success will depend on more than technology.

When people think about tokenisation, they often picture distributed ledgers, smart contracts and digital assets. In reality, a significant amount of work involves governance, operations, compliance, risk management and education.

Banks need new capabilities, new operating models and new skillsets. Regulators need confidence in the controls that surround these solutions. Internal stakeholders need to understand how the risks differ from existing models. Customers need confidence that innovation is being delivered safely and responsibly.

The organisations that succeed will be those that invest not only in platforms and products, but also in people, governance and operational readiness.

Ultimately, the future of tokenisation will not be determined by technical architecture alone.

It will be determined by whether we can deliver meaningful benefits that improve the way people and businesses transact, invest and manage value. Examples discussed during the session ranged from reducing fraud risk in marketplace transactions to streamlining property purchases and enabling more efficient movement of money and assets.

These are tangible outcomes that matter to customers.

The challenge for the industry now is to continue transforming promising concepts into practical solutions. We need to demonstrate value repeatedly, build trust through successful implementations and maintain the conviction required to move from experimentation into adoption.

My biggest takeaway from Sibos 2026 is that tokenisation is no longer a question of if. The direction of travel is becoming clearer. What remains uncertain is the pace, the pathways and the specific use cases that will achieve widespread adoption.

The institutions that thrive will be those that stay focused on customer outcomes, collaborate openly across the ecosystem and build the capabilities needed for a world that is increasingly digital.

The opportunity is significant. The work is far from finished. But for the first time, it feels as though the journey from promise to practical value is genuinely underway.