Citi Token Services expands into Japan and UAE, now in 7 markets

Citi has expanded its Citi Token Services platform into Japan and the United Arab Emirates, bringing the total number of markets covered by the blockchain-based liquidity service to seven.

The service, which uses tokenized deposits on a private-permissioned blockchain to enable near-instantaneous fund transfers, is now live in the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan, and the UAE. The expansion allows clients with accounts in those two new markets to transfer funds to and from accounts in any of the other enabled locations without restrictions from banking cut-off times or holiday calendars.

Japan supports USD transactions under the expansion, while the UAE supports both USD and Euro transactions. Citi Token Services has processed billions of dollars in transactions across its network, according to the company.

"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 at Citi.

Kanika Thakur, Head of Services for Japan, Asia North and Australia, said the expansion enables USD transactions to move in and out of Japan in real time. Rizwan Shaikh, Head of Services for Middle East and Africa, said the USD and Euro capabilities allow clients to manage cross-currency liquidity around the clock.

Citi (NYSE: C) operates in more than 180 countries and jurisdictions.

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