Citigroup Plans to Provide Blockchain Cross-Border Payment Services for Japanese Companies This Year

Citigroup plans to offer overseas remittance services based on tokenized deposits to its Japanese corporate clients as early as this year, supporting real-time foreign currency transfers during nights and holidays. This service will involve real-time foreign currency transfers between Japan and Citigroup's institutions in the United States, the United Kingdom, Singapore, Hong Kong, and Ireland. Shahmir Khaliq, head of Citigroup's global services business, stated that this is the first time a foreign financial institution has provided such services to Japanese corporate clients. Tokenized deposits convert deposits into digital certificates that can be transferred on-chain, eliminating the need for companies to make early remittances to avoid delays during holidays, thereby reducing capital occupation and financing costs. Currently, Citigroup's daily fund circulation scale is approximately $6 trillion, with the tokenized deposit transfer scale around $1 billion. Citigroup is collaborating with SWIFT and The Clearing House to explore interbank transfer infrastructure.

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