THE WHAT? Citigroup plans to introduce tokenised deposit-based overseas remittance services for corporate customers in Japan, enabling businesses to make instant foreign-currency transfers outside traditional banking hours.

THE DETAILS The service, expected to launch as early as 2026, will allow Japanese companies to transfer foreign currencies between Japan and Citi operations in the US, UK, Singapore, Hong Kong and Ireland using tokenised deposits on blockchain infrastructure. Unlike traditional international transfers, transactions can be completed at night, on weekends and during public holidays, potentially reducing the need for companies to transfer funds in advance. Citi currently processes around US$6 trillion in payments each day, while transfers using its tokenised deposit technology have reached approximately US$1 billion.

THE WHY? The launch could accelerate corporate adoption of blockchain-based payments in Japan by reducing settlement delays, freeing up working capital and lowering the costs associated with managing cross-border payments, while extending Citi’s digital payments infrastructure across major Asia-Pacific financial hubs.

Source: Nikkei Asia

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