New Delhi, May 25 -- Singapore has run more than 15 tokenization pilots. Hong Kong has wired its central bank into a tokenization sandbox with four major lenders. New York's BlackRock has parked over $600 million in a single tokenized Treasury fund. And India?

Three regulators-the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and the GIFT City-based International Financial Services Centres Authority (IFSCA)-are each working on a piece of the same architecture on three different clocks. The window to align them is about 18 months.

Fintech is evolving fast. The next layer of finance-tokenized money-market funds, government bonds, real-estate slices and carbon credits-is emerging from regulatory sandboxes globa...