Tokenisation can transform financial markets, but simply converting assets into digital tokens will not create meaningful economic value. Speaking at Global FinTech Fest 2026, Infosys co-founder and Chairman Nandan Nilekani argued that tokenisation must operate at population scale, supported by public infrastructure, interoperability and deep liquidity.
The fundamental opportunity is to make traditionally illiquid assets more accessible and easier to transact. Real estate, securities and other financial assets can potentially be represented digitally, enabling fractional ownership, faster settlement and broader participation. But issuing a token is only the beginning—the real test is whether people can discover, exchange and transact those assets efficiently.
Liquidity therefore becomes critical. Without sufficient buyers, sellers and market participation, tokenised assets risk becoming digital representations with limited utility. Successful tokenisation will require marketplaces, trusted settlement mechanisms and financial infrastructure capable of supporting transactions at scale.
Interoperability is equally important. A fragmented ecosystem of private blockchains and isolated token platforms could recreate the silos that digital infrastructure is supposed to eliminate. Common standards and interoperable networks can allow assets and transactions to move seamlessly across platforms.
Public chains could consequently play an important role by creating open infrastructure capable of connecting large numbers of participants. India’s experience building population-scale digital public infrastructure—including Aadha
The bigger opportunity is therefore not tokenisation itself, but the financial ecosystem built around tokenised assets. India could potentially extend its digital-public-infrastructure philosophy from identity and payments into programmable assets. The winners will be platforms that combine trust, interoperability, liquidity and regulatory compliance, turning tokenisation from technological experimentation into real economic infrastructure.
