The premise of sustainable finance is elegant: if investors truly care about the environment, they should be willing to accept slightly lower returns to fund it. In bond markets, that willingness has a name — the greenium, the yield discount a green bond enjoys over an otherwise identical conventional one. For years it was one of the clearest pieces of evidence that markets price sustainability at all. Our report asks whether it still holds. Our report, From Digital Finance to Sustainability:...

Tokenisation is supposed to be finance's next great unbundling: convert any real-world asset — a US Treasury, a slice of a Manhattan building, a private credit book — into a programmable token that settles in seconds, and the intermediaries that made markets slow, expensive, and exclusive simply fall away. By late 2025 the tokenised real-world asset market had passed $36 billion, led by Treasuries and private credit. The technology works. The question our report asks is a harder one: does it...

In fintech's short history, attention has always flowed to the interface — the app, the wallet, the checkout screen where a customer taps "pay." But the companies capturing the most durable value are the ones the customer never sees. They own no app icons and no end-user relationships. They sit one layer below, providing the rails, licenses, and decision engines that everything visible runs on top of. They are the picks and shovels — and increasingly, they are what acquirers are paying for....