Reserve Management Webinar Recap: How Central Banks are Navigating Digital Transformation

This article was coproduced with Central Banking.

Change in financial markets is accelerating, driven by innovation, interconnectedness and asset class expansion. Central banks across the globe, as essential institutions to the stewardship and functioning of economies and markets, are confronting this pivotal inflection point and assessing the impact to their operations.

The convergence of cloud, AI and digital assets is not just transforming infrastructure—it’s redefining how these institutions deliver on their mandates while future-proofing their core competencies in reserve management, risk management and monetary operations.

These themes were explored in depth during Nasdaq’s recent webinar with Central Banking “Future-Proofing Reserve Management in a Rapidly Evolving Financial Landscape” featuring:

• Bjørn Østergaard, Head of Financial Market Solutions, National Bank of Denmark
• Sophie Marnhier-Foy, Vice President and Head of Client Solutions Strategy, Nasdaq
• Mourad Gueye, Principal Market Specialist, Nasdaq
• Joasia Popowicz, Associate Editor at Central Banking and webinar moderator

Here are the key takeaways from the conversation and a link to the full webinar replay here.

The webinar opened with a clear call to action: central banks must move beyond fragmented legacy systems and embrace unified platforms that support real-time operations and cross-functional agility. The complexity of today’s environment—marked by inflation, interest rate uncertainty and geopolitical tension—demands resilient infrastructure and a strategic approach to change.

This isn’t simply about upgrading systems. It’s about reimagining how central banks define and deliver their mission in a digital-first world. As Marnhier-Foy noted, the mandate for central banks to operate “super-mission-critical systems” requires not just technological modernization but a cultural shift in how change is perceived and managed. 
 

Bjørn Østergaard echoed this sentiment, noting that while many technologies are still in exploratory phases, the imperative to modernize is clear and central banks need to take notice. 
 

Cloud adoption continues to gain momentum with central banking institutions. Østergaard shared the National Bank of Denmark’s journey, which began with a cloud-first strategy in 2019 and has since evolved into a service-oriented model focused on business outcomes.

However, Østergaard was keen to note that while consumption of cloud-enabled services can help the National Bank of Denmark maintain a sharp focus on cybersecurity and disaster recovery, cloud is not a panacea and requires dedicated operational and organizational buy-in beyond the technical considerations. He also emphasized the importance of anchoring cloud strategy in top-level leadership, noting that their transition was “a top-down decision” and that success depends on clear governance and realistic expectations.
 

This shift reflects a broader trend: Central banks are increasingly working with partners to gain infrastructure that allows internal teams to concentrate on policy execution and strategic oversight.
 

AI is emerging as a powerful enabler of reserve management transformation. Mourad Gueye illustrated how advanced analytics can help central banks optimize portfolio performance by identifying investable capital and forecasting operational needs.

Drawing a parallel to personal finance, Gueye explained how AI can help sort institutional funds into tranches—working capital, short-term deposits and long-term investments—based on predictive modeling of expenses and market conditions.
 

Østergaard added that AI is already being used across the bank in practical ways, from summarizing meetings to drafting emails. As with cloud services, Østergaard emphasized the importance of human accountability and governance in technology adoption. He also encouraged a mindset of experimentation, noting that central can learn from peers and strategic technology partners.. 
 

The rise of digital assets including tokenized bonds, stablecoins and central bank digital currencies (CBDCs) is starting to reshape monetary policy. The panel explored how digital assets are moving from pilot projects to production environments, with implications for collateral management, liquidity provisioning and cross-border interoperability.

Marnhier-Foy emphasized the importance of understanding the taxonomy of digital assets and how each fits into the broader monetary ecosystem. Gueye added that successful digital monetary operations require both sides of the equation: a widely adopted CBDC and a corresponding digital bond or asset.
 

Transformation is not a solo endeavor. The panel emphasized the importance of community forums, benchmarking and cross-border dialogue to accelerate progress. Marnhier-Foy cited recent surveys that showed while a wide majority of central banks intend to adopt digital assets and AI, very few have activated those plans.

This gap underscores the need for structured collaboration and milestone-driven implementation. Engagement forums at events (like at Sibos 2025 in Frankfurt) allow central banks to share best practices, measure progress and define common goals. 
 

Addressing current challenges now will help central banks capitalize. Cultural resistance, fragmented regulatory environments and skills gaps continue to slow adoption. The panel called for continued investment in education, change management and ecosystem partnerships.

Østergaard emphasized that transformation is not just about technology but also about people. The skill sets required today are different from those of five or ten years ago, and central banks must adapt accordingly.

Ecosystem-wide collaboration and change is needed to support modern reserve management operations and modern markets. To start, central banks can prioritize these themes:

• Strategic vision: Clear goals and phased implementation plans.
• Cloud-native infrastructure: Scalable, secure platforms that support mission-critical operations.
• AI integration: Predictive analytics and automation with human oversight.
• Digital asset readiness: Operational models for tokenized bonds and collateral, CBDCs long-term.
• Community collaboration: Shared best practices and innovation forums.

Nasdaq remains committed to supporting central banks on their modernization journey—providing technology, insights and partnership models that enable transformation at scale.

As markets evolve, central banks are poised to have a pivotal say in the shape of tomorrow’s financial landscape. By embracing change, they can drive outcomes in reserve management, risk management and monetary policy operations that enable them to by more agile, efficient and future-forward. Yet, as panelists mentioned, successful transformation hinges not only on access to technology but also strategic resources, industry expertise and shared knowledge.

Nasdaq Calypso for Central Banks supports institutions on both sides. With a single automated platform, central banks can support operations across a range of asset classes with robust risk, treasury and collateral management functions, helping central banks navigate dynamic market conditions with agility and confidence. The annual Nasdaq Calypso Central Bank User Forum also brings our customers together in a unique setting to exchange experiences, discuss global themes with peers and learn about the Nasdaq Calypso roadmap.

Learn more about Nasdaq Calypso for Central Banks here.
 

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