Pradyumna Agrawal, Managing Director of Temasek, stated at the Singapore Token2049 "Institutionalization of Digital Assets" roundtable: Starting from next quarter, Singapore will be able to conduct global fund flows in real-time with USD. This is not tokenizing funds, but creating new digital payment infrastructure, which can achieve real-time, 24/7 fund flows.

It also allows funds to become programmable. For example, if you have a group of programmers, you can conduct quality checks and publish code. Why can't you write some code to allow funds to be automatically transferred to these programmers? Therefore, if you consider a wide range of small payments, these are huge applications that are impossible in today's payment infrastructure.

So, I think this is a concrete example. It is very different from the encryption infrastructure, but it can interoperate with the encryption infrastructure. This is already happening, and many companies, including those we support, are doing this. Then, the more challenging part is the capital market. Because it involves the entire value chain from issuers to custodians to distributors. You really need to work closely with this value chain to find potential opportunities.

Then, how do you truly digitize some of the content and can it all be redeemed? At least for me, it is not yet clear whether the benefits of tokenization have been proven. Has tokenization really enhanced gamification? Equity is an obvious example. It can't solve the problem, and there have been many failed cases in this context.