On 18 March 2025, the post went up: CurioInvest's CEO Fernando Verboonen was invited to the AI TBrazil 2025 Switzerland Camp, organized by the University of St. Gallen's Leading House. The post shared the Swiss RWA perspective with the Brazilian delegation. Here's what was actually discussed, and what it means for our roadmap.
What the camp was
The AI TBrazil 2025 Switzerland Camp is a multi-day program bringing a Brazilian AI delegation to Switzerland to learn about the Swiss AI ecosystem. The University of St. Gallen's Leading House for the Latin American region runs the program. The 2025 cohort focused on AI governance, AI finance, and — relevant for us — RWA tokenisation.
The conversations that mattered
Three themes came up consistently across the program:
1. The regulatory model is a competitive advantage. Brazil's regulatory framework for RWA is still being drafted. The Swiss DLT-Act, the FINMA-licensed parent structure, the nDSG compliance regime — all of these are things that a Brazilian AI/RWA startup would need to build from scratch. The Swiss framework is 7 years of regulatory work that a startup elsewhere can't easily replicate. 2. The tokenisation pipeline is the under-appreciated piece. Most of the RWA conversation in the room was about the legal framework, the token standard, the audit. Nobody was asking the operational question: where does the data come from? The AI extraction layer (CurioExtract's wedge) is the piece that actually gets a CFO to the on-chain mint step. The room was heavy on infrastructure, light on workflow. 3. Brazil is a real market for tokenised receivables. The Brazilian receivables market is large (R$5T+ in trade credit), the inflation regime is extreme, and the institutional appetite for hard-currency-denominated assets is real. Tokenised receivables in CHF, accessed by Brazilian institutional investors, is a product. We're at the very early stages of exploring that.
What this means for our roadmap
The conversations confirmed three things we were already thinking about:
- The institutional onboarding pipeline is the bottleneck. Even a CFO who's sold on tokenisation has a 2-3 month sales cycle. The product is right; the procurement is slow.
- The Brazilian corridor matters. For a Swiss-DLT-Act-compliant platform, the Brazilian institutional market is a real opportunity. The current conversation is exploratory, but the inbound interest is real.
- The academic community is engaging. The University of St. Gallen and similar institutions are now publishing on RWA. The 2026 academic year will see several thesis-level pieces. The market is being mapped by people who write the regulatory agenda.
What this does NOT change
Our core roadmap is unchanged. CMTAT v3.0.0, the DLT-Act framework, the Swiss-compliance layer, the institutional onboarding pipeline. What the camp confirmed is that the European + Brazilian corridor is a real 2026+ opportunity, and that the academic community is aligning around tokenisation as a category.
For a CFO reading this: the institutional buy-in for tokenisation is real, the regulatory framework is in place, the product layer is operational. What's left is the CFO's own internal decision: when to issue, on which chain, and with which partner.