FinTech & Digitalisation

ICMA’s FinTech and Digitalisation work in 2025 continued to focus on supporting innovation, interoperability, and standardisation across global bond markets. Through industry collaboration, regulatory engagement, and targeted market initiatives, ICMA sought to help members navigate technological change while promoting practical, scalable solutions.

Our FinTech and Digitalisation work continued with strong momentum on a global scale in 2025, highlighted by increased adoption of the Bond Data Taxonomy, the international collaboration of the DLT Bonds Working Group, and the regulatory engagement of the AI in Capital Markets Working Group. Global events and publications also supported the drive for innovation and standardisation in the bond market.

During the year, ICMA’s FinTech team worked closely with a range of industry stakeholders to promote greater market standardisation through adoption of the Bond Data Taxonomy (BDT). In collaboration with Swift, ICMA launched an initiative to integrate the BDT into the ISO 20022 standard and also worked closely with ICSDs to align their digitalisation initiatives with the taxonomy. In 2025, ICMA’s Bond Data Taxonomy was again adopted by the Hong Kong SAR in its third digital green bond issuance, concluding a year of broad BDT adoption across the market. This work was supported by ICMA’s Primary Market Innovation Project, launched in Q2, which identified key opportunities for innovation in primary markets and highlighted early on the importance of data standardisation as a foundation for innovation.

Artificial intelligence activity across the industry grew substantially during the year, accompanied by increased regulatory attention. The AI in Capital Markets Working Group responded to two consultations in 2025, from the FCA and IOSCO, and in July held a roundtable with the OECD to support the scaling of AI innovation as part of a broader European Commission project. The group continued to showcase practical AI applications in debt capital markets, including a webinar held with the World Bank Treasury on a generative AI solution for data extraction, Project SHASTRA, which can be structured using the Bond Data Taxonomy. In 2025, the AI in Capital Markets Working Group also appointed two co-chairs to support delivery of its work programme.

Reflecting growing demand for AI-related skills, ICMA launched a new education course on AI for Debt Capital Markets during the year, alongside continued delivery of existing FinTech courses, including Introduction to Digital Assets.
The development of the global digital bond ecosystem remained a key priority for the FinTech and Digitalisation team. ICMA was appointed lead for the fixed income workstream within Project Guardian, overseen by the Monetary Authority of Singapore, and worked with participants to publish two deliverables: a guide on delivery versus payment settlement for DLT-based debt securities, and lessons learned from custody arrangements for DLT-based debt securities. These were published as addendums to the Guardian Fixed Income Framework.

The DLT Bonds Working Group also examined the use of smart contracts during the year and responded to two regulatory consultations, relating to the UK DMO and HM Treasury’s Digital Gilt initiative and the European Commission’s Savings and Investment Union, which focuses on the EU DLT Pilot Regime.

ICMA continued to participate in the ECB’s AMI-SeCO Securities Group, with a focus on post-trade harmonisation, and the ECB’s New Technologies for Wholesale Settlement Contact Group, which facilitates dialogue on central bank money and DLT-based transactions. ICMA also contributed to new workstreams on settlement of DLT-based transactions, including Pontes and Appia, and continued its participation in the UK Industry Data Standards Committee, which aims to facilitate and reduce the cost of regulatory reporting.

ICMA’s flagship FinTech and Digitalisation Forum returned to London on 9 December, bringing together more than 300 industry participants to discuss developments affecting the bond market, including AI, DLT, and data standards. The programme included a new panel on the human impact of technology, as well as roundtable sessions for more focused discussion. Building on the success of the previous year’s Innovation in Capital Markets events in Hong Kong and Singapore, ICMA returned to the region in 2025 with an expanded agenda and audience. The team also participated in panels and roundtables at Hong Kong FinTech Week and the Singapore FinTech Festival, alongside bilateral meetings with members in the region.

Work also continued on the FINOS Common Domain Model, with ICMA supporting industry institutions in their implementations and chairing the FINOS Technology and Architecture Working Group. In the area of transaction reporting, ICMA supported the use of the Common Domain Model as part of a digital reporting framework in an ESMA consultation and, in collaboration with other trade associations, showcased additional implementations at a dedicated industry event in early 2025.

The Sustainable Finance and FinTech and Digitalisation Taskforce held two workshops during the year, exploring how technology can support the development of sustainable bond markets. These sessions included case studies on green bonds, tokenisation, and the use of AI for ESG data management.

Looking ahead to 2026, AI, DLT, and data standards are expected to remain central themes, with increasing focus on the implications of stablecoins and other forms of cash on chain for the broader debt capital market.

Contact: FinTech@icmagroup.org