Product Roadmap

Phased delivery plan

Each phase expands scope only after measurable go/no-go gates are met — client value, legal readiness, operational and financial-crime controls, resilience, and a supportable commercial model.

New to the wording on this page? 5 terms explainedShow

Go/no-go gate

A checkpoint between phases where named people decide whether the product may continue. Not a status update — a decision with genuine power to stop the work.

For example: Before phase two, legal must confirm settlement finality in that specific country. If they cannot, the phase does not start — regardless of how much has already been spent.

NPANew Product Approval

A bank's formal internal sign-off before launching anything genuinely new. Risk, legal, compliance, operations and technology all have to agree — not just the commercial team.

For example: Before the first client can use a tokenised deposit service, each function signs off in turn. Any one of them can block it. This is usually why bank products take far longer to launch than startup products.

Legal finalitySettlement finality

The point at which the law says a transfer is permanent and cannot be unwound — including if one party later goes bankrupt. It is a legal question, decided country by country, and is not the same as software saying 'complete'.

For example: Your system shows a payment as settled at 10:00. At 11:00 the receiving company collapses and a court decides the 10:00 transfer can be clawed back into the bankruptcy pool. Technically it settled; legally it was not final.

MVPMinimum Viable Product

The smallest version of a product that still delivers real value to a real customer — built to learn whether the idea works before spending heavily.

For example: Rather than building settlement for twelve currencies across forty countries, you launch Hong Kong dollars between two entities of one willing client, and learn from that.

Walking skeleton

A thin end-to-end version of the whole system — every stage connected and working, even if each does very little. It proves the pieces join up before you make any of them sophisticated.

For example: One payment, one currency, one client, moving all the way from instruction through screening to settlement and reconciliation. Nothing is clever, but every join is proven real.

See every term used across this site

What's a “go/no-go gate”?

A checklist of conditions that must all be true before a phase is allowed to expand — a green tick doesn't mean “we'd like to,” it means someone accountable has actually confirmed it. If a gate isn't met, the phase doesn't move forward, no matter how good the technology looks.

Client-value validation

A real client has confirmed this actually solves their problem — not just an internal assumption.

Legal and regulatory readiness

Lawyers and regulators have confirmed this is allowed to operate in that market.

Financial-crime controls tested

Sanctions and money-laundering checks have been tested and proven to work, not just designed.

Operational readiness

The team can actually run this day to day — support, monitoring, fixing problems — not just build it.

Resilience / incident testing completed

The system has been tested for what happens when something breaks, and it recovers safely.

Commercial economics approved

Finance has confirmed the numbers make business sense at scale, not just in a pilot.

Client-support readiness

There's a real support model in place — someone a client can actually reach when something goes wrong.

Phase 1 · 0–6 months

Controlled intrabank treasury pilot

In Progress

Launch a controlled pilot enabling a small group of corporate treasury clients to issue, transfer and redeem tokenised deposits within a single banking entity, proving the core settlement mechanics and control model.

Key deliverables

Tokenised deposit issuance / redemption on permissioned ledger
Entitlement and maker-checker controls
Sanctions screening integrated into settlement flow
Intraday reconciliation against core ledger

Go / no-go gates

Client-value validation
Legal and regulatory readiness
Financial-crime controls tested
Operational readiness
Resilience / incident testing completed
Commercial economics approved
Client-support readiness

Phase 2 · 6–18 months

Selected cross-border corporate treasury corridors

Planned

Extend tokenised deposit transfers across group entities in priority corridors (HK–SG–US–UK), giving corporate treasury clients 24/7 intercompany liquidity movement beyond traditional cut-off times.

Key deliverables

Multi-entity, multi-currency transfer flow (HKD, USD, GBP, SGD)
Purpose-code tagging and enhanced transaction monitoring
Client-facing balance and transaction reporting
Expanded exception-handling and incident runbooks

Go / no-go gates

Client-value validation
Legal and regulatory readiness
Financial-crime controls tested
Operational readiness
Resilience / incident testing completed
Commercial economics approved
Client-support readiness

Phase 3 · 18–30 months

Tokenised asset DvP pilot

Planned

Introduce atomic Delivery-versus-Payment settlement for tokenised fixed income, starting with a fictional tokenised green bond, connecting buy-side and sell-side institutional clients on a shared settlement rail.

Key deliverables

Tokenised bond issuance and custody model
Atomic DvP settlement engine (cash leg + asset leg)
Pre-settlement checks: funds, holdings, approvals, screening
Settlement-finality audit record and reporting

Go / no-go gates

Client-value validation
Legal and regulatory readiness
Financial-crime controls tested
Operational readiness
Resilience / incident testing completed
Commercial economics approved
Client-support readiness

Phase 4 · 30–48 months

Cross-bank interoperability and selected FX PvP corridors

Planned

Extend settlement beyond a single institution: interoperate with other participant banks and market infrastructures, and introduce atomic Payment-versus-Payment FX settlement to remove principal risk on cross-currency trades.

Key deliverables

Network interoperability standard and participant onboarding model
Atomic PvP FX settlement engine
Cross-institution liquidity and screening coordination
Shared governance and dispute-resolution framework

Go / no-go gates

Client-value validation
Legal and regulatory readiness
Financial-crime controls tested
Operational readiness
Resilience / incident testing completed
Commercial economics approved
Client-support readiness

Phase 5 · 48+ months

Broader regulated digital-money connectivity

Planned

Connect the settlement platform to a broader ecosystem of regulated digital-money infrastructure, institutional participants and market venues, subject to full regulatory clearance.

Key deliverables

Regulated digital-money connectivity assessment
Ecosystem partnership and interoperability framework
Expanded asset classes beyond bonds and deposits
Long-term commercial and pricing model

Go / no-go gates

Client-value validation
Legal and regulatory readiness
Financial-crime controls tested
Operational readiness
Resilience / incident testing completed
Commercial economics approved
Client-support readiness