Tokenisation promises to democratise finance by turning real-world assets like real estate and private equity into digital tokens. But despite the hype and the entry of giants like BlackRock, the market has yet to truly take off. The missing piece? Liquidity.

Lawyer and crypto enthusiast Derrick Leong joins us to unpack the "liquidity puzzle." He explains why creating a token is easy, but building a vibrant secondary market is hard.

We discuss:

• The "liquidity puzzle": why tokenisation stalls without secondary markets.

• Why infrastructure, not technology, is the biggest hurdle to scaling.

• The role of market makers and regulations as "trust anchors."

• Why "high-quality issuances" must come before liquidity.

• Why Sukuk is the most promising asset class for tokenisation in Malaysia.

For fintech leaders and investors, this is an exploratory dive into the structural challenges and massive potential of the tokenised economy.