VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

MAPV

In diligence

IN MOTIONSettlement

Maple Field

They killed 11 sentences to get listed. That is the product you are about to miss.

Pilots are named and redacted. The waitlist is not. a short list people already asked.

Maple Field — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 7). This is when the story, the customers and the legal path get written down — or the file stops.

The named customer already picked. The waitlist is everyone who was late to that fact.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/10

Sprint

Our cut

Of any proceeds

Plate Orbit · 9838

MAPV

The plate

Orbit. Edition 9838.

A unique plate for Maple Field. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

MAPV · Singapore · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 7 of 14

Singapore

Banks

Sells

FMI

FMI seat

Markets

Singapore

Years

Founded 2025

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

The wedge is T+1 and 24/7 FX: overnight risk became visible.

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Singapore. One named pilot on file (redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 7 of 14. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Finality opinion from a named firm.

A public L1 is a different threat model and a different statute. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Maple Field would not let a public sale sit on this page. That is why a company in Settlement is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Maple Field exists because the incumbent brand will not staff the unglamorous middle of Settlement. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

On a Tuesday in Singapore, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the founder

The legal source of truth stays with the incumbent register, admin, or custodian. Maple Field does not attest to its own facts.

From the screen

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 11
Counsel hours on file: 69
Asks / week: 24
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Mei Diaz, Chief executive

This company

Maple Field

Open-source looks free until the auditor asks who attests. Maple Field has an answer.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is T+1 and 24/7 FX: overnight risk became visible.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

The incumbent brand sells the relationship. Maple Field sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Control environment
33%
Adapter work against the incumbent register, admin, or custodian.
Named operators
23%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
17%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SatDarkNo creators. No threads. Restricted geos stay dark.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Finality opinion from a named firm.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Singapore is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product56
Customers40
Legal path62
Tech maturity54
Demand46
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Maple Field is in the e-money / deposit perimeter. That is a different company.

Single-customer gravity

If the first named buyer is also the only buyer, Maple Field is a services shop with a ledger. Ask for the second.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Maple Field Pte. Ltd.
Path on file: Not offering — locked
Posture: No public sale
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Singaporenamed
Hong Kong professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Mei DiazChief executive

Stack

Permissioned settlement
Settlement
Approval trail
Takedown SLA

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Mei Diaz (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

If the first customer renews, the adapter work pays for itself. If they do not, Maple Field is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Maple Field does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Singapore, Hong Kong professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 10:25
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.