Citi Unveils Blockchain-Based Remittance Service for Japanese Businesses
Citi plans to launch a blockchain-based remittance service for Japanese corporate customers using tokenized deposits. This service would enable companies to send foreign currencies instantly, including at night and during holidays, overcoming traditional cross-border bank transfer restrictions.
The bank has integrated tokenized deposits into its Citi Token Services offering, allowing institutional clients to move liquidity across participating Citi branches on a 24/7 basis. The planned service would allow Japanese companies to move foreign currencies instantly between Japan and Citi operations in the US, UK, Singapore, Hong Kong, and Ireland.
Citi's head of services, Shahmir Khaliq, stated that this offering would be the first of its kind from a foreign financial institution for corporate customers in Japan. The bank moves roughly $6 trillion in funds daily and ranks Japan among its five most important markets worldwide.