Rebuilding capital markets on-chain: Tokenization, treasuries and the next financial layer
Sofia Villacreses Cardenas
The 61st edition of the Capco Journal of Financial Transformation is now available. More than just a journal, this edition marks a pivotal moment: the first release under a new editorial leadership and the beginning of a formal collaboration between Capco and King’s College London.
Together, we bring a synthesis of academic depth and real-world financial insight — delivering perspectives you won’t find in traditional research papers or mainstream commentary.
The value imperative: What sets this edition apart
This issue centers on one question: Where does value come from in financial services — and how can it be sustained?
Across three themed sections, the Journal explores:
1. Technology: Creation or destruction of value?
From stablecoins in China to tokenized treasuries, and from AI in equity research to compliance automation, this section critically examines where technology drives innovation—and where it becomes a liability when adopted without purpose.
2. Structural shifts: The long-term forces at work
These articles explore major secular trends reshaping finance, including:
- The evolution of private equity as a dominant asset class
- The erosion of quality investment advice under new regulatory regimes
- A bold proposal to treat nature as an asset class, offering a rigorous alternative to conventional ESG narratives
3. Behavioral & institutional barriers: The hard truths
This final section tackles the industry’s blind spots:
- How can firms define and foster a purposeful culture?
- What does it take to build psychological safety for innovation in asset management?
- And which institutional biases still stand in the way of genuine progress?
For financial services leaders, this edition offers practical, deeply researched insights on the issues that will define the next era of financial services.
Featured papers
Discover more
Artificial Intelligence: In the equity research industry
Rhys Bidder | King’s Business School – Qatar Centre for Global Banking and Finance
Lerong Lu | King’s College London – Dickson Poon School of Law
Central bank digital currencies (CBDCs) are being considered in many countries – as a novel form of digital public money issued and backed by the state. One of the most extensive and advanced of these schemes is China’s e-CNY or “digital yuan” pilot. It is also one of the most discussed.
And yet it is perhaps one of the most mysterious, owing to the reticence of Chinese officials, the complexity of the pilot, and the wide variety of options available to Chinese authorities for future development of the e-CNY and the broader digital asset ecosystem within China.
This paper takes stock of the current status of the e-CNY, emphasizing its core infrastructure, existing use cases, and the “managed anonymity” model. Looking forward, how the e-CNY may fit into a digital financial system, how it may underpin non-financial and government activities, and how it may promote the internationalization of the renminibi are also discussed.
We argue that external observers may be somewhat exaggerating the individual importance of the e-CNY scheme to the Chinese government. Ultimately, the e-CNY should be regarded as only one piece of a broader, coordinated drive to modernize the Chinese economy and how the government interacts with it.
Digital transformation in Brazilian companies: Recommendations to accelerate digital maturity
Rhys Bidder | King’s Business School – Qatar Centre for Global Banking and Finance
Lerong Lu | King’s College London – Dickson Poon School of Law
Central bank digital currencies (CBDCs) are being considered in many countries – as a novel form of digital public money issued and backed by the state. One of the most extensive and advanced of these schemes is China’s e-CNY or “digital yuan” pilot. It is also one of the most discussed.
And yet it is perhaps one of the most mysterious, owing to the reticence of Chinese officials, the complexity of the pilot, and the wide variety of options available to Chinese authorities for future development of the e-CNY and the broader digital asset ecosystem within China.
This paper takes stock of the current status of the e-CNY, emphasizing its core infrastructure, existing use cases, and the “managed anonymity” model. Looking forward, how the e-CNY may fit into a digital financial system, how it may underpin non-financial and government activities, and how it may promote the internationalization of the renminibi are also discussed.
We argue that external observers may be somewhat exaggerating the individual importance of the e-CNY scheme to the Chinese government. Ultimately, the e-CNY should be regarded as only one piece of a broader, coordinated drive to modernize the Chinese economy and how the government interacts with it.
Rebuilding capital markets on-chain: Tokenization, treasuries and the next financial layer
Sofia Villacreses Cardenas | Consultant, Capco
Tokenization is more than a technical breakthrough – it represents a foundational shift in how capital markets are structured, accessed, and composed. By transforming traditional assets such as U.S. Treasuries, private credit, and money market funds into programmable, interoperable tokens, tokenization is redefining the architecture of global finance.
This article explores the rise of tokenized real-world assets (RWAs), with a focus on tokenized U.S. Treasuries – the most advanced and strategically relevant use case to date. Drawing from product data, legal structures, and emerging integrations, the paper examines how these instruments are powering yield-bearing stablecoins, and reshaping liquidity management across decentralized and traditional finance.
For financial services firms, this shift challenges established models of custody, fund management, and market access – demanding new infrastructure strategies, compliance frameworks, and rethinking client engagement and operation at scale. Firms that adapt early may unlock faster settlement, greater liquidity, and new institutional flows.
This shift won’t be defined solely in code or regulation; it will be shaped at the intersection of the two. As tokenization matures, its most transformative effect may not be what it replaces, but what new value creation models it enables.
Riding the digital tides: Analyzing the digital yuan’s present and possible future
Rhys Bidder | King’s Business School – Qatar Centre for Global Banking and Finance
Lerong Lu | King’s College London – Dickson Poon School of Law
Central bank digital currencies (CBDCs) are being considered in many countries – as a novel form of digital public money issued and backed by the state. One of the most extensive and advanced of these schemes is China’s e-CNY or “digital yuan” pilot. It is also one of the most discussed.
And yet it is perhaps one of the most mysterious, owing to the reticence of Chinese officials, the complexity of the pilot, and the wide variety of options available to Chinese authorities for future development of the e-CNY and the broader digital asset ecosystem within China.
This paper takes stock of the current status of the e-CNY, emphasizing its core infrastructure, existing use cases, and the “managed anonymity” model. Looking forward, how the e-CNY may fit into a digital financial system, how it may underpin non-financial and government activities, and how it may promote the internationalization of the renminibi are also discussed.
We argue that external observers may be somewhat exaggerating the individual importance of the e-CNY scheme to the Chinese government. Ultimately, the e-CNY should be regarded as only one piece of a broader, coordinated drive to modernize the Chinese economy and how the government interacts with it.
Sending out an SMS: How text alerts are transforming consumer finance
Rhys Bidder | King’s Business School – Qatar Centre for Global Banking and Finance
Lerong Lu | King’s College London – Dickson Poon School of Law
Central bank digital currencies (CBDCs) are being considered in many countries – as a novel form of digital public money issued and backed by the state. One of the most extensive and advanced of these schemes is China’s e-CNY or “digital yuan” pilot. It is also one of the most discussed.
And yet it is perhaps one of the most mysterious, owing to the reticence of Chinese officials, the complexity of the pilot, and the wide variety of options available to Chinese authorities for future development of the e-CNY and the broader digital asset ecosystem within China.
This paper takes stock of the current status of the e-CNY, emphasizing its core infrastructure, existing use cases, and the “managed anonymity” model. Looking forward, how the e-CNY may fit into a digital financial system, how it may underpin non-financial and government activities, and how it may promote the internationalization of the renminibi are also discussed.
We argue that external observers may be somewhat exaggerating the individual importance of the e-CNY scheme to the Chinese government. Ultimately, the e-CNY should be regarded as only one piece of a broader, coordinated drive to modernize the Chinese economy and how the government interacts with it.