Standard Chartered

Settlement, not issuance, is the binding constraint on Singapore tokenized fund volume. If DvP against tokenized deposits works, the T+1 settlement terms on every SG product in coverage become negotiable, which is the single largest structural gap against the intraday US products.

Highest 30-day growth rate in the entire coverage set. The bank-incubated platform model is winning mandates from managers who will not build their own stack: the addressable pipeline here is every traditional manager without an in-house tokenization team.

A rating on the token, not the fund, is what lets mandate-constrained allocators hold the instrument directly. If peers follow, ratings become the entry requirement for insurance and pension money, and unrated SPV-backed structures get squeezed out.

Wrapper replication rather than new-strategy launch is now the dominant expansion pattern. It is cheap for incumbents and near-impossible for crypto-native issuers without local licences: the competitive gap in Asia will widen along regulatory rather than technical lines.

Singapore's custody layer is more concentrated than the US or EU. One bank sits behind roughly four-fifths of SG tokenized fund assets, and it also owns the platform structuring several of them: a related-party concentration worth naming in diligence.

The platform-as-issuer-of-record model lets managers enter tokenization without building or licensing anything. Expect this to be the dominant entry route for the next cohort of traditional managers in Asia.