Why tokenization deals die between the term sheet and the token: our CEO at RWA Gateway
At the official Malaysia Blockchain Week side event, Tan Ji Sheng delivered a keynote on why tokenization deals stall — then joined the panel on what has to be true before a deal closes.
At RWA Gateway in Kuala Lumpur — the official real-world assets side event of Malaysia Blockchain Week 2026 — Gambit Custody CEO Tan Ji Sheng took the stage twice: a keynote on the economics of getting tokenization deals done, followed by the panel "What has to be true before a deal actually closes", moderated by Cole Goodwin, alongside Chris Ling and Victor Tan.
The keynote opened with the question that framed the day: why do so many tokenization deals die between the term sheet and the token? The answer, he argued, is rarely the technology. Five non-technical factors decide whether a deal completes: control of the underlying asset, a regulated counterparty in the structure, real due-diligence capability, mitigation of key-person risk, and workable exit mechanics for investors.
The panel then stress-tested those factors against live deal experience. Two of the five — asset control and the regulated counterparty — are precisely where a registered custodian sits in a tokenization structure, which is why issuers bring Gambit in before the term sheet, not after.