Citi offers its tokenized deposits services in UAE
Citi has expanded its token services, offering tokenized deposits, to the UAE and Japan in an effort to build a more connected always on financial ecosystem for corporate and financial institutional clients. The Citi Token services uses tokenized deposits and blockchain technology to enable programmable, near instantaneous movement of liquidity while leveraging the robust security, resilience and global reach of Citi.
As per the announcement, the expansion of the service into UAE and Japan, will offer USD transactions in Japan and in UAE both USD and Euro transactions.
“Expanding Citi Token Services into the UAE with USD and Euro capabilities enables clients to manage cross-currency liquidity 24/7, which is key to connecting the local ambitions of our corporate and financial institutional clients with their global expansion,” said Rizwan Shaikh, Head Services for Middle East & Africa. “This positions Citi to deepen relationships and optimize liquidity in and out of the region.”
Citi Token Services continues to process billions of dollars in transactions. Leveraging a private-permissioned blockchain, the solution enables clients to move funds near instantly across Citi’s global network, supporting more efficient liquidity and collateral management and cross-border payments.
By expanding additional regions and currencies, Citi continues to provide clients with always-on liquidity and payment capabilities that help overcome banking cut-off times and time zone limitations. Citi Token Services is live in the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan, and UAE.
“Expanding Citi Token Services into Japan and the UAE is an important milestone in scaling our network and bringing 24/7 liquidity solutions to more of the markets where our clients operate,” said Stephen Randall, Global Head of Liquidity Management Services. “These are significant financial centers with substantial cross-border flows and connecting them to Citi Token Services gives clients greater optionality to move and manage liquidity across regions and currencies in real-time.”
Together with Citi’s broader investments in 24/7 USD Clearing and connectivity with emerging multi-bank tokenized networks, the expansions advance the ambition of Citi to deliver increasingly interoperable, multi-currency solutions across liquidity management and payments.
The Middle East is one of the world’s fastest growing real-time payments economies, making the UAE a strategic market for the expansion of Citi Token Services. As a major financial hub and gateway for trade and investment across the Middle East, Africa and South Asia, UAE supports significant cross-border flows and a growing base of multinational treasury operations.
In September, both Standard Chartered and HSBC completed the of bank-to-bank tokenized deposit interoperability with the first live cross-border transaction on Swift’s blockchain ledger.
