Project Bayani:
The Philippines’ Asset
Tokenization Opportunity

From Wallets to Wealth: Building a Tokenized Future for Every Filipino

Introduction

The Philippines stands at a turning point in finance.

While millions of Filipinos have embraced digital payments and even cryptocurrencies, most still lack access to traditional investments. Project Bayani: The Philippines’ Asset Tokenization Opportunity explores how the nation can leverage the ubiquity of blockchain-enabled wallets as a means to widely distribute financial products in tokenized form.

Through this report, PDAX, Saison Capital and Onigiri Capital examine how the country can leapfrog legacy systems and build a tokenized-first capital market – one that empowers every Filipino to own a share of the nation’s growth.

About Project Bayani

Project Bayani is a collaborative research initiative between PDAX, Saison Capital and Onigiri Capital, presenting an in-depth analysis of how tokenization can unlock financial inclusion in the Philippines.

How blockchain-based tokenization lowers barriers to ownership
Why the Philippines moving towards a tokenized-first capital market
The potential market size of the tokenized asset opportunity by 2030
The roadmap for expanding access to government bonds, funds, and real-world assets
Policy and infrastructure recommendations to scale inclusion

Project Bayani offers a vision where every Filipino can participate in the country’s financial future securely, digitally, and affordably.

About the Authors

Philippine Digital Asset Exchange

PDAX (Philippine Digital Asset Exchange, Inc.) is a trusted, Philippine-based financial institution regulated by the Philippine central bank, the Bangko Sentral ng Pilipinas (BSP). The platform is dedicated to promoting financial inclusion by providing secure and easy access to cryptocurrencies, tokenized securities, and other digital assets.

PDAX serves individual users, businesses, and organizations participating in the growing digital economy through its comprehensive product suite including its web and mobile platforms, cryptocurrency exchange, cross-border payments, and tokenized asset offerings. With its enterprise-grade infrastructure and integrations, PDAX also empowers banks, fintechs, e-wallets, and other financial institutions to seamlessly offer the same digital asset services to their customers.

Saison Capital

Saison Capital is the venture capital arm of Credit Saison, investing across fintech and Web3 in Asia and Latin America.

With over 100 direct investments, Saison Capital is committed to advancing the ecosystem of real-world asset tokenization and inclusive finance.

Onigiri Capital

The blockchain-focused venture capital fund launched by Saison Capital. Backed by leading Asian financial institutions, Onigiri Capital invests in startups building in stablecoins, payments, tokenized assets, DeFi, and financial infrastructure.

Leveraging deep institutional networks across Asia and beyond, Onigiri Capital bridges founders and financial institutions to drive real-world adoption and scale for blockchain finance.

See how tokenization is reshaping finance around the world

Explore how other countries are using tokenization to improve financial access, modernize markets, and strengthen digital infrastructure.

Project Aurora (Brazil)
Brazil’s asset tokenization opportunity

Project Aurora explores how Brazil’s US$2 trillion private credit market can benefit from tokenization – reducing issuance costs, increasing transparency, and widening investor access. Brazil is moving from pilot projects to institutional-scale tokenization with strong regulatory support and a highly digital financial system.

Project Wira (Indonesia)
Indonesia’s asset tokenization opportunity

Project Wira highlights Indonesia’s fast-growing digital economy, where digital payments reached US$760B and over 18.5 million Indonesians now hold digital assets. Indonesia is well-positioned for tokenization to enhance financial access and modernize infrastructure with rising adoption and market readiness.

Project Juara (Malaysia)
Malaysia’s asset tokenization opportunity

Project Juara examines how tokenization can help Malaysia upgrade its capital markets – improving efficiency, expanding access, and modernizing how assets are issued and traded. The report outlines the regulatory and technological groundwork needed to unlock new economic opportunities.

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Project Bayani: The Philippines’ Asset Tokenization Opportunity

Publications

Explore articles, reports, and updates that highlight Project Bayani’s insights, impact, and industry reach.

Download Project Bayani

Philippine Digital Asset Exchange (PDAX), Inc. is a trusted, Philippine-based financial institution regulated by the Philippine central bank, the Bangko Sentral ng Pilipinas (BSP).