Citigroup is preparing to launch a blockchain-based remittance service for Japanese corporate customers using tokenized deposits, potentially as early as this year. The service would enable companies to send foreign currencies instantly, including at night and during holidays, overcoming restrictions that apply to traditional cross-border bank transfers. According to Shahmir Khaliq, Citi’s head of services, the offering would be the first of its kind from a foreign financial institution for corporate customers in Japan. The 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 moves roughly $6 trillion in funds daily and ranks Japan among its five most important markets worldwide.
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