BIS Deputy Governor Andréa M. Maechler addressed the 2025 Singapore Fintech Festival, emphasizing the transformative potential of tokenization in the financial sector. She explained how tokenization converts static assets into programmable tokens, facilitating real-time and secure transactions. Maechler also discussed the BIS-led Agorá project, which investigates the use of tokenized deposits and reserves in cross-border payments on a programmable platform. Her speech underscored the efficiency gains and new business models that tokenization could introduce, while also addressing the regulatory challenges it presents. The Agorá project aims to explore these aspects further, highlighting the BIS's commitment to advancing financial innovation.