But Lewis, let's bring you back in here because when you were having the chats with Kelvin and the team about what's the right solution to these challenges, why did tokenized deposits appear to be the correct answer there rather than looking at things like faster conventional payment arrangements? Just give us a sense of the thinking behind it.

Sure, I think we have seen a lot of developments in the faster payment systems, right? So actually, Kevin already responded to your question, probably partially, right? So most of the fast payment systems are still primarily domestic driven and they're hugely valuable and already transformed many markets, right? Essentially domestic P2C, P2M payments are largely digitized in quite a few jurisdictions, but they're primarily domestic, right? And I think the important thing is speed is not the only factor.

So the treasury teams probably increasingly need something broader and they need ability to mobilize liquidity across entities, jurisdictions, and to adopt a smart enough money, right? To operate on that 24 seven and a real time basis.

So tokenized deposit basically create a shared digital environment where liquidity can be moved, managed and eventually programmed based on the business event, right? So when Calvin talk about like real time investment into potential liquidity fund, probably tokenized deposit via the DVP delivery versus payment model will be a better instrument than purely the faster funding movement, right? And that's probably a quite unique advantage.

So in many ways, this is not in our view, right? It's not either or discussion.

You have to use one over another.

Actually, in reality, the tokenized deposit movement as the treasury highway will be complemented by the faster payment system for the last mile payout to vendors to potentially for and business right hotels airlines in our views basically faster payment systems solve the sole factor speeds but tokenized deposit probably sought for smarter movement of liquidity and provides agility and programmability

Lewis, what would you say? I

So for our treasurers, our listeners out there who are maybe relatively new to the concept, what exactly is a tokenized deposit? How does it differ from, say, a stablecoin or a CBDC? And why are we hearing so much about it now? How has it become this viable proposition for day-to-day corporate treasury rather than just an experiment, as I think it has been, uh, maybe up until now? Lewis, perhaps you can kick us off.

Sure.

Thank you, Eleanor.

I think that's a good way to, uh, to start a conversation.

A tokenized deposit, uh, is essentially a traditional bank deposit, but represented in digital form on a d- uh, distributed ledger or blockchain.

So importantly, it remains commercial bank money, uh, backed by the strength of the bank and, uh, operating within existing regulatory and compliance frameworks.

It's still paid with interest.

Mm-hmm.