Supporting bond tokenisation from inception to launch

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Fast facts

Our client is a multi-national universal bank with millions of clients across the globe

It holds assets totalling around USD 3 trillion

The bank is actively pursuing an ambitious programme of innovation

We delivered an ambitious change programme from conception to launch, of the world’s first digital bond in British Pound Sterling (GBP). Demonstrating significant expertise across technology, transformation programmes and regulation, we spearheaded an innovative new product to drive widescale transformation across the bank.

The challenge

As part of an innovative strategy to develop new business and technology initiatives, our client wanted to develop a bond tokenisation platform to issue the first digitally native GBP bond.

We were approached to support with the initial strategy and architecture exercise, which developed into full end-to-end implementation support. The expanded scope included overseeing the software development lifecycle (excluding coding), managing platform testing, delivering functional enhancements and sales and marketing support for the platform.

How we helped

We established a global team to determine strategy, architecture and change delivery services, drawing on resources from Grant Thornton UK and Grant Thornton Spain. Leveraging a 'Working Backwards' technique, we developed a set of business requirements, to inform our conceptual architectural design.

To gain approval for the platform, we supported our client’s engagement with regulators, syndicate members and other stakeholders. This required proactive consideration of regulatory requirements, transformation and financial crime risks, and more.

Once the project was greenlit, we captured the functional requirements spanning bond issuance, secondary trading, reporting, reconciliations and publication onto Hyperledger Fabric and Ethereum. We also designed functionality and assessed usability by prototyping user interface screens in HTML, and by performing system integration and user acceptance testing. Our team also developed platform and process documentation to support training and promote adoption.

The results

We provided a valuable foundation for the client’s digital asset strategy, helping them realise their ambitions to create a market-first product.

Operating out of Luxembourg, the finished platform relies on four tokens to support interoperability and efficient settlement. It issued the first digitally native bond January 2023, and has since issued bonds worth over US$1.5 billion.

With the global tokenised bond market now totalling around $8 billion, this is a growing space and our work helped our client innovate and compete in a fast-paced environment.

About our team

Our multi-disciplinary Business Transformation team offers specialist support for the financial services sector. From capital markets, to insurers to challenger banks, we help our clients realise ambitious change programmes, meet emerging client needs, and support sustainable growth.

Roy O'Neil

Partner, Head of Financial Services Business Consulting

+44(0)20 7865 2540

Supporting bond tokenisation from inception to launch

Fast facts

The challenge

How we helped

The results

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