Citi Securities Services Evolution 2025

Securities Services Evolution 2025 | 43 fund distribution strategies in the last year. And Singapore’s Fundnode 76 is now live (in partnership with Euroclear), offering a gateway for tokenized access to any fund in the world and helping to cement Asia’s role at the heart of fund tokenization efforts globally. Our previous whitepapers have highlighted the growing competitive pressures between traditional securities trading and crypto- currencies in Asia – and we are now seeing that competition turn into convergence. 15% of respondents in the region expect to be able to use cryptocurrencies to fund their exchange- traded activities by 2030 – leveraging the real-time mobility of these assets to provide new funding efficiencies. Of course, the key question (for 55% of Asia based respondents) is whether the region’s FMIs can facilitate that connectivity within 5 years. From a regulatory perspective, the adoption of digital money is advancing in keeping with these expectations. The Hong Kong’s Stablecoins Ordinance (effective on August 1, 2025) will introduce licensing and reserve requirements for stablecoin issuers; whilst initiatives such as MAS’ Project Guardian, the HKMA’s Project Ensemble and the RBA’s Project Acacia will provide forums and platforms for firms to continue their blockchain experimentation in the coming year. Asian markets appear as determined as ever to institutionalize all profiles of digital assets – as soon as possible. Put together, these developments look set to leave Asia with some of the most decentralized digital asset landscapes in the world, with respondents expecting new venues to outgrow traditional ones in the coming years in all assets except for equities, and 50% expecting to conduct their digital asset activities across multiple, interconnected networks, with little or no central players.