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Chana Schoenberger (00:12):
Hi, I'm Channa Schoenberger. I'm the editor in chief of American Banker, and I have with me here today Elizabeth St. Onge, who is the head of digital asset product and strategy at TD Securities. Welcome.
Elizabeth St. Onge (00:24):
Thank you for having me.
Chana Schoenberger (00:25):
Absolutely. So tell me, how are your tokenization products going?
Elizabeth St. Onge (00:30):
It's going very well. We are moving at pace and certainly the pace has picked up over the last year, but we're also making sure that we're doing it along with the rest of the industry. So with our partners, our fintechs, our clients, as well as regulators. And when we think about the work that we're doing and the products that we are developing, we have two guiding principles for how we will do our development. One is to make sure they're actually solving client problems and issues and not just us falling in love with innovation for the sake of innovation. And the other one is to make sure we do it along with the ecosystem. Scale, distribution, network are all very, very critical in this space. And so we are part of a number of different industry initiatives to make sure that we collaborate broadly because we believe no one player will be able to make all of the benefits of tokenization happen on their own.
(01:22):
So cooperation, collaboration are key to all the work that we're doing.
Chana Schoenberger (01:26):
So how are your tokenization projects going?
Elizabeth St. Onge (01:29):
They're going very well. We are moving at pace and certainly the pace has picked up over the last few months, but we're also moving along with the industry and our partners. So fintechs, other banks, certainly clients, regulators to make sure that we're aligned and working together. As we do our work in digital assets and tokenization, we are very aware of two design principles that are very important to us. One is to develop products and capabilities that meet client needs, that are solutions to what our clients want, and to not get enamored with the technology and innovation for innovation's sake. The other one is we do need to work with the ecosystem. Collaboration is really critical. Scale, distribution, interoperability, reach are very important in this space, which means that we have to work across the industry. And we don't believe that any one player on their own can bring all of the benefits of tokenization alone.
(02:26):
So it truly is an industry play. And as a result, we are part of a number of different industry initiatives working together to bring these solutions to market.