Hydra X · Proposal for Euroclear Group Strategy

A Neutral Post-Trade Platform for Private Credit

A proposal for Euroclear to build shared post-trade infrastructure for a $3 trillion market, with Hydra X as partner

v0.93 · First published October 2026 · Updated 13 October 2026 · Confidential

Contents

01The problem

Private credit has reached about $3 trillion, and most of its loans still change hands through bilateral paperwork.

02Why now, and why Euroclear

Three pressures set a short timetable, and Euroclear has the record that the operator role needs.

03The proposal

Each module would extend a Euroclear service, and both partners already work with Canton and operate in Singapore.

04Delivery and the ask

Three gated phases over 36 months, the fee model and three decisions.

00 · Executive Summary

SummaryProblemWhy nowProposalDelivery

Euroclear could build the post-trade infrastructure that private credit lacks, using Hydra X's technology and licences.

Private credit has grown to about $3 trillion¹. Most of its loans are bilateral and change hands through paperwork processed by each facility agent, with no market-wide ownership record or independent price. These gaps help explain why fund investors accept lock-ups of several years and why lenders who need to sell can face prices below par.
Investors in semi-liquid private credit funds are asking to withdraw more than those funds allow, and regulators are asking for loan-level data^2,³. We expect regulators to require shared post-trade infrastructure within two to three years. No institution yet operates such infrastructure across bilateral private credit.
Lenders hesitate to route positions through a platform owned by a competitor. The operator would therefore need to be independent of every lender that uses it. Euroclear already settles and holds securities for banks that compete with one another, which is the position this role requires.
We propose a platform of four modules: (a) a Digital Loan Registry on the Canton Network (Canton); (b) Primary Distribution; (c) Secondary Trading; and (d) Custody, Settlement and Lifecycle Management. Each module would extend into private credit a service that Euroclear already runs at scale.
Hydra X would supply Canton-native technology for issuance, distribution, trading, custody and settlement, and its group holds the Singapore licences for each regulated activity, including a Recognised Market Operator (RMO) licence for secondary trading⁴. Euroclear Bank's Singapore branch can already deal and provide custody, but it would need a market operator licence and the technology to run the trading venue itself.
We ask Euroclear to take three decisions together: (a) to pursue the project; (b) to set a Phase 1 budget; and (c) to engage Hydra X as its technology and licensing partner.

Section 01

Private credit has outgrown the post-trade services that support it

01 · Market Scale

SummaryProblemWhy nowProposalDelivery

Private credit has reached about $3 trillion, and its shared post-trade services still cover mainly syndicated loans.

$3tn

Private credit assets under management on Morgan Stanley's measure, which it expects to reach $5 trillion by 2029¹.

Morgan Stanley · 2025

~1%

Share of the market sold in secondary transactions in 2025, mostly fund interests and portfolios. Credit made up 6.2% of all private-market secondary volume⁵.

Evercore · July 2026

Private credit has grown quickly, as banks moved middle-market lending to funds and large asset managers such as BlackRock entered the market.
- Since 2008, banks have moved much of their middle-market lending to private credit funds to meet capital rules. Banks had provided agency, settlement and record-keeping for those loans, and the funds now arrange those services themselves or through third-party agents.
- In the United States, the March 2026 re-proposal of the Basel III rules would slightly reduce capital requirements for the largest banks⁶.
- BlackRock completed its purchase of HPS Investment Partners on 1 July 2025⁷. It now runs a private credit business with about $190 billion of client assets.
Shared post-trade services cover broadly syndicated loans well, and they reach private credit only in part.
- S&P Global's ClearPar settles syndicated loan trades and has begun to settle private credit allocations⁸. Bloomberg supplies model-based prices for syndicated loans.
- Bilateral direct loans, much of European private credit and private credit in ASEAN have no market-wide record of who owns each loan.

02 · Why the Gap Persists

SummaryProblemWhy nowProposalDelivery

Bespoke loan documents and lender habits keep secondary trading thin, and shared infrastructure with standard terms could address the first.

Each bilateral loan agreement sets its own definitions, collateral package and transfer terms. Buyers therefore have to price and transfer every loan as a special case.
- A buyer takes a bilateral loan by assignment or novation. That needs the facility agent's consent and, depending on the loan agreement, the borrower's consent or notice to the borrower. The process takes weeks, against one day for a US corporate bond.
- Mortgages faced the same barrier before collateralised mortgage obligations, and leveraged loans faced it before collateralised loan obligations.
- In both markets, standard terms and shared settlement made secondary trading routine. The method for removing the barrier is therefore known.
Three habits of lenders and borrowers add to the documentation barrier. Shared infrastructure would leave those habits in place.
- 1. Lenders hold their positions because one discounted sale would force them to mark down every similar loan in the portfolio.
- 2. Borrowers use consent rights to block transfers to creditors they do not want.
- 3. Relationship lenders avoid visible exits to protect their access to new loans from sponsors.

How a bilateral loan changes hands todayIllustrative

Each transfer passes through the facility agent and the borrower, so a loan takes weeks to settle where a bond takes one day.

Bilateral loan, by assignment or novation

1Trade agreedSeller and buyer agree the price

2Transfer documentsSeller and buyer sign the assignment agreement or transfer certificate

3ConsentsFacility agent approves the buyer, and the borrower consents or receives notice, as the loan agreement requires

4Transfer recordedFacility agent records the buyer as lender of record

5SettlementBuyer pays the seller on the transfer date

Weeks

US corporate bond, for comparison

1Trade agreedSeller and buyer agree the price

2Settlement at the CSDBond and cash move together on T+1

One day

Section 02

Pressure for shared infrastructure is rising, and competing banks already trust Euroclear with their securities

03 · Why Now

SummaryProblemWhy nowProposalDelivery

We expect shared private credit infrastructure within two to three years, and its builder to run it for decades.

All three pressures are already visible in 2026.

Investors in semi-liquid private credit funds are asking to withdraw more than those funds allow. Managers are weighing secondary sales to meet those requests, and shared infrastructure would need to be ready if those sales arrive⁵.
- In the first quarter of 2026, fund investors asked to redeem 9.3% of BlackRock's HLEND fund and 10.9% of Morgan Stanley's North Haven fund². Both funds limit redemptions to 5% a quarter.
- Managers of funds raised between 2018 and 2021 are selling portfolios to return cash before those funds reach the end of their terms⁵.
Regulators are asking for more data on private credit. An institution that builds before any mandate could set the standard that later entrants follow.
- The Financial Stability Board (FSB) called in May 2026 for consistent loan-level data and common definitions³.
- Euroclear already runs its Digital Financial Market Infrastructure (D-FMI), which carried about €1.2 billion of digital issuance in 2025⁹.
- An institution that builds only after a mandate could have to implement a standard that a competitor or a regulator had already written.
Several of the largest asset managers are building their own operating platforms. If those platforms reach scale first, the market would split into competing proprietary standards.
- Lenders would then have to connect to platforms run by their competitors, which many are reluctant to do.

Redemption requests at two private credit funds, % of shares

Fund investors asked to withdraw about twice what each fund allows in a quarter.

BlackRock HLEND, Q1 2026

9.3%

Morgan Stanley North Haven, Q1 2026

10.9%

Morgan Stanley North Haven, Q3 2026

11.4%

Dashed line marks the 5% quarterly limit

Source · fund disclosures reported by InvestmentNews and Bloomberg, March and September 2026²

04 · Why Euroclear

SummaryProblemWhy nowProposalDelivery

Euroclear has built infrastructure for young markets before, and in private credit its risk would be a defined budget.

Euroclear has built post-trade infrastructure for markets that had yet to reach scale.
- Euroclear was founded in 1968 to settle Eurobonds, then a young market¹⁰. It later built the Collateral Highway, which held a daily average of €2.1 trillion in 2025⁹.
- With private credit at $3 trillion and forecast to reach $5 trillion, another provider could take the operator role if Euroclear waits.
If the platform underperformed, Euroclear would lose part of a defined Phase 1 budget. If it succeeded, Euroclear would run shared post-trade services for an asset class forecast to reach $5 trillion.
- Phase 1 would need a limited budget, because the partnership would reuse technology and licences that already exist.
- Euroclear, the first Eurobond settlement system, still holds that role more than fifty years later, alongside Clearstream.
Private credit operations are likely to divide between platforms that managers build for their own funds and services open to every lender. Euroclear could run the second kind, because competing banks already use it.
- Venues owned by one group of banks have struggled to attract other dealers, because traders hesitate to send orders through a competitor.
- Banks that compete with one another have trusted Euroclear to hold their securities for more than five decades. A new entrant would need years to earn the same trust.

Section 03

We propose four modules on Canton, built with Hydra X technology and licences

05 · Gaps and Modules

SummaryProblemWhy nowProposalDelivery

Each missing service would become a module that extends a service Euroclear already runs at scale.

Hydra X would supply the technology, and its group's licences could cover each regulated activity in Singapore.

Four gaps, four modulesProposed

Each module would replace one bilateral process with a shared service, built on a Euroclear service and on Hydra X technology and licences.

Today	Proposed module	Euroclear service it extends	Hydra X technology	Hydra X group licence, Singapore
Bilateral contractsEach facility agent keeps its own record of lenders	1 · Digital Loan RegistryOne ownership record on Canton, with transfer controls, approved investors, lock-ups and clawbacks in each loan token	CustodyMore than €43 trillion held at the end of 2025⁹	Token Engine	Capital markets services (CMS) licenceCustody
Manual bookbuildingEach arranger keeps its own allocation record	2 · Primary DistributionDigital bookbuilding, KYC once for each investor, allocations settled as loan tokens	FundsPlaceAlready distributes private credit funds from Ares and Franklin Templeton¹¹	Bookbuilding Engine	CMS licenceDealing
Bilateral tradesOutside any regulated venue, settled over weeks	3 · Secondary TradingRequest for quote (RFQ) first, a central limit order book (CLOB) once terms standardise, atomic settlement	SettlementInternational securities settlement at Euroclear Bank	Matching Engine, Settlement Engine and Metra¹²	RMO licenceHeld by AGX, the group's exchange⁴
Notices sent lender by lenderNo audit trail shared by the syndicate	4 · Custody, Settlement and Lifecycle ManagementSegregated accounts, one audited channel for amendments, waivers and payment notices	Asset servicingCorporate actions and income processing for the securities it holds	Custody Platform and Settlement EngineLifecycle workflow to be built in Phase 3	CMS licenceCustody

Today lenders, arrangers and facility agents run each of these four processes bilaterally, one counterparty at a time. Each module would turn one of those processes into a shared service that every lender on the platform uses.
Metra, Hydra X's settlement application on Canton, would settle each secondary trade atomically. The loan token and the cash would move in one indivisible transaction, so each trade would reach final settlement when it executes.
Lifecycle automation would depend on borrowers agreeing to common documentation. Euroclear's relationships with arrangers and borrowers would therefore matter as much as the technology.
- Facility agents now send those notices to each lender separately, so the workflow would remove a manual step from every amendment.

06 · Reinforcing Modules

SummaryProblemWhy nowProposalDelivery

Built in sequence, each module would bring users to the next and make the platform costly to leave.

The Digital Loan Registry would give each loan one ownership record. With that record, Primary Distribution could confirm allocations on Canton, audit every transfer and place each position in regulated custody at allocation.
Primary Distribution would onboard the investors that Secondary Trading needs. Every investor who takes an allocation would already have passed KYC and would hold a transferable loan token.
Secondary Trading would bring the trades that make the lifecycle workflow in module 4 necessary. Each buyer would inherit the obligations attached to the loan and would need a way to service them.
Once a syndicate sends its amendments and payment instructions through the lifecycle workflow, each member would have to rebuild those processes to leave. That cost would probably exceed any saving from moving to another provider.

How each module would bring users to the nextProposed

1Digital Loan RegistryOne ownership record for each loan

Ownership record

2Primary DistributionAllocations confirmed on Canton and placed in custody

Investors with KYC and loan tokens

3Secondary TradingBuyers inherit the obligations attached to each loan

Obligations to service

4Lifecycle ManagementModule 4 workflow, with amendments and payments run through one channel

Cost of leavingEach syndicate member would have to rebuild its amendment and payment processes to move to another provider

07 · Hydra X

SummaryProblemWhy nowProposalDelivery

Hydra X would supply the technology and the market operator licence that Euroclear would otherwise need to build or obtain.

Euroclear would choose the legal structure in its business case, using its own authorisations, the Hydra X licences or a mix of the two.

Hydra X technology already covers issuance, distribution, trading, custody and settlement, so the partners could launch the first three modules quickly. The lifecycle workflow would be built during Phase 3.
- DBS distributes its tokenised structured notes through Hydra X, among other platforms¹³.
The Hydra X group holds the Singapore licences for each regulated activity on the platform⁴.
- A capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS) covers dealing, for primary distribution, and custody.
- AGX, the group's exchange, holds an RMO licence for secondary trading.
- These licences cover activity in Singapore. Activity in other jurisdictions would need local authorisation.
- Euroclear Bank's Singapore branch already holds a wholesale banking licence that covers dealing and custody¹⁴. It would still need a market operator licence to run the trading venue.
- Euroclear could run modules under its own authorisations or through a dedicated vehicle. The Hydra X licences could support either structure.

08 · Canton Network

SummaryProblemWhy nowProposalDelivery

Canton's privacy model fits private credit, and both partners already work with Canton.

Lenders' and borrowers' privacy needs decide the choice of network.

Private credit trading has three privacy requirements. Canton shows each transaction only to its parties, which would let the platform meet all three.
- 1. Other participants must be unable to see a lender's positions.
- 2. Each lender must control who learns its identity when it asks for quotes.
- 3. Prices must stay between the two counterparties until settlement.
- Canton also settles with deterministic finality and checks permissions on every asset.
- Public chains add privacy through separate applications built on top of the network. Private consortium chains offer privacy but connect poorly to institutions outside the consortium.
- Canton describes itself as the only public permissionless network built for institutional finance¹⁵.
Euroclear has tested Canton and now helps to govern it.
- In a pilot completed in October 2024, 27 participants tokenised Gilts, Eurobonds and gold and used them as collateral in 500 atomic transactions¹⁶.
- Euroclear joined Canton's collateral working group in January 2026 and co-chairs the Canton Foundation with DTCC¹⁵.
- Euroclear, Clearstream and DTCC published a shared interoperability framework in February 2026 and plan operational pilots in 2026 and 2027¹⁷.
Hydra X has operated on Canton since 2024, with several firsts in the Asia-Pacific and one globally¹⁸.
- In August 2024 Hydra X became the first approved Canton validator in the region, meaning an operator approved to run Canton's network software.
- In November 2024 Hydra X became the region's first licensed custodian to hold Canton Coin. In April 2025 it launched the first tokenised structured product on Canton.
- In July 2025 it became the first operator outside Canton's Super Validators to run validators for other institutions as a service. Super Validators are the operators that run Canton's Global Synchronizer.
- In July 2026 it launched HX Gateway API, which lets institutions build on Canton without writing in Daml, Canton's programming language. By then Hydra X had tokenised over $100 million of assets on Canton.

09 · Asia-Pacific

SummaryProblemWhy nowProposalDelivery

Asia-Pacific private credit is forecast to grow about 16% a year, and Euroclear has a licensed base in Singapore.

Forecasts cover the whole Asia-Pacific, because sources do not report Southeast Asia separately.

Private credit in the Asia-Pacific is still small, and it is growing as banks share more lending with private credit funds.
- The Alternative Investment Management Association (AIMA) projects that Asia-Pacific private credit will grow from $59 billion in 2024 to $92 billion in 2027¹⁹. Lenders in that market work across more than 50 jurisdictions.
- Southeast Asia needs about $210 billion of infrastructure investment a year to 2030, according to the Asian Development Bank²⁰.
- Banks in the region syndicate loans on templates from the Asia Pacific Loan Market Association (APLMA)²¹. Private credit lenders there have no shared system for settlement or for recording ownership.
Euroclear could extend its Asia-Pacific operations to private credit through the Singapore branch it already runs.
- In February 2025 Euroclear Bank opened a Singapore branch under a wholesale banking licence¹⁴. It had already appointed a chief executive for its Asia-Pacific markets and taken a stake in Marketnode, a Singapore digital market operator.
We know of no neutral provider that offers post-trade services for private credit across the region. The first institution to build them could take that role.
- Institutions across the region already hold accounts at Euroclear or use Hydra X technology, so the partners could onboard them through relationships that exist today.

Section 04

Euroclear could start the project with a commitment limited to Phase 1

10 · Three Phases

SummaryProblemWhy nowProposalDelivery

The partners could build the platform in three phases over 36 months, starting with technology and licences that exist today.

In Phase 1, months 1 to 12, the partners would prove the Digital Loan Registry by tokenising a defined pool of loans with anchor institutions.
In Phase 2, months 13 to 24, the partners would add Primary Distribution and Secondary Trading under the Hydra X group's RMO licence. Phase 2 would aim to show that fees recur and that trading grows as more investors join.
In Phase 3, months 25 to 36, the partners would add CLOB trading for standardised loans, the full lifecycle workflow and a link to Euroclear's Collateral Highway.
Euroclear would decide at the end of each phase whether to proceed, based on that phase's targets.

Three phases, each gated by a Euroclear decisionProposed

Phase 1 · Months 1 to 12Prove the registry

Modules added

Digital Loan Registry and custody for a defined pool of loans from anchor institutions

Targets

Transfers settle on T+1
Fee model agreed
Regulators confirm the treatment of loan tokens

Euroclear decision

Phase 2 · Months 13 to 24Prove that fees recur

Modules added

Primary Distribution, and Secondary Trading by RFQ under the Hydra X group's RMO licence

Targets

First primary issues closed
Ten or more institutions
$1 billion of secondary volume
Positive cash flow

Euroclear decision

Phase 3 · Months 25 to 36Build the network

Modules added

CLOB trading for standardised loans, the full lifecycle workflow and a link to the Collateral Highway

Targets

Thirty or more institutions
Loan tokens eligible as Collateral Highway collateral
Material contribution to Euroclear group income

11 · Fees and Returns

SummaryProblemWhy nowProposalDelivery

Euroclear would commit a defined budget, and fee income would grow with each institution that joins.

Each phase would test the fee model at higher volume.

€43tn

Assets Euroclear held in custody at the end of 2025, under the custody model that the platform would extend to private credit⁹.

Euroclear · February 2026

Our proposed platform would charge three fees, each of a kind the market already pays.
- 1. Lenders would pay a custody and registry fee on the notional value of the loans they hold.
- 2. Arrangers would pay issuance and allocation fees on primary volume.
- 3. Buyers and sellers would pay a transaction fee on each secondary trade.
Three to five institutions placing $1 billion to $3 billion of loans in the registry would generate recurring custody fees.
- Secondary volume of $1 billion in Phase 2, at market-rate fees, could earn a return on the Phase 1 investment, depending on the budget Euroclear sets.
Once the platform is built, each additional transaction would cost almost nothing to process. As more issuers join, investors on the platform would have more loans to choose from. Each new trade would also give lenders another price against which to value their holdings.
- Euroclear's core business works in the same way. In 2025 it earned nearly €1.9 billion of underlying business income at a business income operating margin of 26.2%⁹.

12 · Three Decisions

SummaryProblemWhy nowProposalDelivery

Three decisions would start the project, and Euroclear could reverse each before committing material capital.

Euroclear would decide to pursue the project and commission a full Phase 1 business case within 60 days.
- Euroclear's business case would set out the capital requirement, a revenue model built on anchor institutions, and a plan for engaging regulators.
Euroclear would approve a Phase 1 budget for technology integration, onboarding of pilot institutions and regulatory engagement.
- Euroclear's approval would cover Phase 1 only.
Euroclear would engage Hydra X as its technology and licensing partner. The two firms would then open discussions on integration scope, licence arrangements and commercial terms.

Euroclear could take all three decisions at once, with its capital at risk capped at each stage.

Private credit has grown large enough that its lack of shared post-trade infrastructure now adds to the risks that lenders and fund investors carry. The institution that builds it is likely to run it for decades, and we believe Euroclear should be that institution.

1Market size: Morgan Stanley estimates private credit at about $3 trillion and projects $5 trillion by 2029 (report cited by Hedgeweek, 2026). Estimates depend on definition. The Financial Stability Board puts the market at $1.5 trillion to $2 trillion on 2024 data, and the Alternative Investment Management Association (AIMA) at $3.5 trillion (Reuters, 6 May 2026).

2BlackRock HPS Corporate Lending Fund (HLEND), 6 March 2026, and Morgan Stanley North Haven Private Income Fund, SEC filing reported 12 March 2026 (InvestmentNews; Bloomberg). North Haven received requests for 11.4% of shares in Q3 2026 (September 2026).

3Financial Stability Board, Vulnerabilities in Private Credit, 6 May 2026. The FSB calls for consistent loan-level data and common definitions. It recommends further work and does not impose requirements.

4MAS capital markets services licence for dealing and custody, March 2022 (Hydra X; Linklaters). The Hydra X group operates a licensed broker, an exchange and a custodian (Canton Network, 8 April 2025). AGX, the group's exchange, is operated by LabyrinthX Technologies Pte. Ltd. as a Recognised Market Operator (AGX regulatory disclosure). These are Singapore licences.

5Evercore Private Capital Advisory, H1 2026 Credit Secondary Market Review, July 2026. Credit secondary volume was about $20 billion in 2025 and $20.4 billion in H1 2026, including vehicle-level leverage. Credit was 6.2% of all private-market secondary volume in 2025. GP-led transactions priced at about 99% of fair market value, and high-quality first-lien portfolios in the high 90s. These figures measure sales of fund interests and portfolios, not trades in individual loans, and are compared here with Morgan Stanley's $3 trillion market estimate.

6US federal banking agencies, Basel III re-proposal, 19 March 2026. Vice Chair for Supervision Michelle Bowman said the combined proposals would slightly reduce capital requirements for the largest banks (PwC, 13 March 2026).

7BlackRock press release, 1 July 2025: completion of the acquisition of HPS Investment Partners, creating a private credit franchise with about $190 billion of client assets.

8S&P Global Market Intelligence, ClearPar updates, September 2025 and August 2026. ClearPar is owned by S&P Global and settles syndicated loan trades. More than 25,000 private credit secondary allocations had settled on it in 2025 by September.

9Euroclear, results for the year ending 31 December 2025, 4 February 2026: assets under custody above €43 trillion; underlying business income of nearly €1.9 billion; business income operating margin of 26.2%; Collateral Highway daily average outstanding of €2.1 trillion; about €1.2 billion of digital issuance on the D-FMI in 2025.7 trillion; €2.9 billion operating income; 23.7% adjusted margin).

10Euroclear, Our history. Euroclear was founded in 1968 to settle Eurobonds.

11Euroclear press releases, 19 March 2026 (FundsPlace and Ares) and 30 June 2026 (FundsPlace and Franklin Templeton private equity, private credit and real estate strategies). FundsPlace distributes fund units, not individual loans.

12Hydra X, Canton partnership materials, 2026: Metra is Hydra X's Featured App on Canton and supports delivery-versus-payment and free-of-payment settlement. This status is not yet confirmed by a public source.

13DBS press release, August 2025: DBS distributes tokenised structured notes through ADDX, DigiFT and Hydra X.

14Euroclear press release, 4 February 2025: Euroclear Bank's Singapore branch licence under a wholesale banking licence, appointment of Philippe Laurensy as CEO of Asia Pacific markets, and a stake in Marketnode. The MAS Financial Institutions Directory lists the branch's permitted activities as dealing in capital markets products and providing custodial services (April 2026).

15Canton Network, 16 January 2026 (Euroclear joins the Global Collateral Network working group) and 24 February 2026 (Euroclear UK & International in cross-border collateral transactions); DTCC and Digital Asset announcement, December 2025 (DTCC joins Euroclear as co-chair of the Canton Foundation). Canton's own description of itself as the only public permissionless network built for institutional finance appears in the same releases.

16Euroclear, Successful pilot of tokenising gold, Gilts and Eurobonds; Canton Network, 2 October 2024. 27 participants used digital twins of the assets as collateral in 500 atomic transactions on 14 Canton servers. The pilot completed in 2024.

17DTCC, Clearstream and Euroclear with BCG, Building the Path Towards Digital Asset Securities Interoperability, February 2026 (reported 5 March 2026). The paper sets objectives, principles and case studies, with consultation through 2026 and operational pilots planned for 2026 and 2027. It does not yet allow Canton positions to be held through other CSDs.

18Hydra X, Canton partnership materials (approved validator, August 2024; first operator outside the Super Validators to offer validators as a service, July 2025), not yet confirmed by a public source; Canton Network, 20 November 2024 (first licensed custodian in the Asia-Pacific for Canton Coin); PR Newswire, 8 April 2025 (Sigma Value Token, first tokenised structured product on Canton); PR Newswire, 23 July 2026 (HX Gateway API; over $100 million tokenised on Canton).

19AIMA and Alternative Credit Council, 4 November 2025: Asia-Pacific private credit assets of $59 billion in 2024, projected at $92 billion by 2027, across more than 50 jurisdictions. Southeast Asia is not reported separately.

20Asian Development Bank, Meeting Asia's Infrastructure Needs, 2017: Southeast Asia needs about $210 billion of infrastructure investment a year from 2016 to 2030 (climate-adjusted).

21Asia Pacific Loan Market Association standard loan documentation, published since 2002; Infrastructure Asia, Standardised Core Project Finance Loan Documents, February 2021, based on APLMA's Singapore law templates.