TOKYO (dpa-AFX) - Citigroup Inc. (C), the banking and financial services major, Monday announced that it is expanding its token Services into Japan and the United Arab Emirates or UAE.
The token services use tokenized deposits and blockchain technology to enable clients to move funds in near-instantaneous movements across Citi's global network with Japan supporting USD transactions and UAE supporting both USD and Euro transactions.
The token services are live in in the United States, Ireland, Hong Kong, Singapore, the United Kingdom, and now Japan, and UAE.
'As the world's fourth largest economy, and a significant global liquidity center, Japan is a strategically important market for Citi, with substantial cross-border flows driven by multinational corporations and financial institutions. 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.', commented Citi about Japan and the UAE.
On Monday, shares closed at $131.31, down 2.21% on the New York Stock Exchange.
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