IMF, World Bank and BIS in first ‘tokenisation’ collaboration

Three of the world's cornerstone institutions – the International Monetary Fund, the World Bank and the Bank for International Settlements – are to work together for the first time to "tokenise" some of the financial instruments that underpin their global work, a BIS official said on Tuesday. The trio will also work with Switzerland's central bank which has been pioneering tokenisation, the process of turning conventional assets into uniquely coded "tokens" that can be used in faster new systems. Their collaboration will initially focus on simple but still paper-based processes such as when richer countries donate into some of the World Bank's funds to support poorer parts of the world.