The Siam Commercial Bank collaborates with Citi 09 July 2026Thailand Reporter: Matthew Challis
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Citi has announced that The Siam Commercial Bank (SCB) is the first financial institution to go live with its 24/7 US dollar Clearing and Citi Token Services solution.
According to Citi, its offering enables real-time, round-the-clock, cross-border US dollar payments for its corporate and institutional clients.
Citi Token Services utilises a private permissioned blockchain, operating within the regulated banking system, in order to tokenise deposits held within its network.
Phillip Securities Thailand — a subsidiary of PhillipCapital, an integrated financial house and wealth management firm, and an SCB client — completed the inaugural transaction, in which US dollar funds were transferred from a Citi London account to the Thailand-based beneficiary account with SCB over a US holiday weekend.
SCB says that the adoption of the solution is indicative of its strategic investment in next-generation payment infrastructure, with Citi viewing it as the “next milestone” in its clearing solutions and digital assets strategy.
Commenting on the partnership, Thanawatn Kittisuwan, head of transaction banking, SCB, says: “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.”
Mridula Iyer, Asia South head of services at Citi, adds: “Our enhanced 24/7 USD Clearing solution integrated with Citi Token Services is an industry-first that bridges traditional and digital rails to expand our suite of always-on client solutions.
“This gives our clients the optionality they need, now and for the future, as the global financial infrastructure continues to rapidly evolve.”
The firms believe that the adoption of the solution marks a “significant step forward in Thailand’s digital financial infrastructure” by bringing blockchain-enabled, programmable payment capabilities to Thai businesses and financial institutions.
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