SCB taps Citi for tokenised cross-border payments

By Milan Rojan

The Siam Commercial Bank (SCB) has become the first financial institution globally to go live with Citi’s integrated 24/7 USD Clearing and Citi Token Services solution, enabling near real-time cross-border USD payments for corporate and institutional clients.

Thanawatn Kittisuwan, Head of Transaction Banking at SCB, said: “Through our collaboration with Citi, we are the first bank in Thailand to leverage tokenisation to enhance cross-border USD capabilities, helping our clients simplify operational constraints and conduct their international business activities with greater flexibility.”

The collaboration has combined Citi’s always-on USD clearing capabilities with Citi Token Services, which uses a private permissioned blockchain to tokenise deposits within Citi’s regulated banking network. The integrated solution has enabled clients to initiate and receive USD payments around the clock, including weekends and public holidays, reducing settlement delays and traditional banking cut-off times.

Mridula Iyer, Asia South Head of Services at Citi, said the integrated solution bridges traditional and digital payment rails while supporting Citi’s “network of networks” strategy, enabling interoperability across multiple banks, markets and payment networks.

The first live transaction was completed by Phillip Securities Thailand, a subsidiary of PhillipCapital and an SCB client. Funds were transferred from a Citi account in London to an SCB beneficiary account in Thailand over a US holiday weekend, demonstrating how corporates can execute near real-time cross-border payments across banks and jurisdictions.

Citi’s 24/7 USD Clearing network currently connects more than 300 financial institutions across over 50 markets, providing continuous access to cross-border USD payments. The launch represented the latest step in Citi’s digital assets strategy and expands its blockchain-based payment capabilities within the regulated banking system.

The initiative has also supported Thailand’s wider digital economy ambitions by advancing blockchain-enabled payment infrastructure and promoting a more interoperable financial ecosystem for cross-border transactions.