Dubai-based bank Emirates NBD has launched a pilot to explore the tokenisation of real world assets.
The pilot will be led by the bank’s digital arm Liv and will also involve B2B alternative asset technology provider Ctrl Alt.
An MoU has been signed between the two parties which commits them to explore ways to provide consumers access to tokenised assets.
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The move has been inspired by changing investment patterns among younger consumers which include a tendency to invest at a younger age and to hold stronger, long-term investment convictions than previous generations.
“According to a report by the Boston Consulting Group, asset tokenisation will expand into a US$16.1 trillion business opportunity by 2030,” said Marwan Hadi, group head, retail banking and wealth management, Emirates NBD.
“Coupled with the growing demand for alternative investment avenues from millennials and the next generation of investors, this represents an opportunity for us to explore the potential of this domain, aligning with our vision to be the most innovative bank for our customers, people and communities.”