Background on Citi and its Digital Initiatives
Citi, a globally recognized financial services company, has been actively exploring the potential of blockchain technology and cryptocurrencies as payment mechanisms. In a recent interview with El Economista, Driss Temsamani, Citi’s Head of Digital for the Americas, revealed that the bank is in discussions with Mexican clients to integrate this infrastructure into its international network of digital settlement services known as “Citi Token Services.”
Citi’s Leadership in Digital Assets
Under the leadership of Jane Fraser, Citi’s Chief Executive Officer, the bank has established itself as a global leader in digital assets. The bank offers solutions that enable clients to execute real-time payments, settlements, and compensations around the clock. Since its inception, this solution has processed billions of dollars in transactions across four major markets and continues to expand into new countries.
Mexico’s Readiness for Blockchain Integration
Temsamani highlighted Mexico’s advantages in joining Citi’s blockchain network, citing the country’s robust payment infrastructure. The Sistema de Pagos Electrónicos Interbancarios (SPEI), managed by Mexico’s central bank, has significantly promoted real-time digital transfers.
- Existing Digital Payment Infrastructure: Mexico’s existing digital payment infrastructure, including solutions like CoDi and advancements in digital identity, plays a crucial role in facilitating blockchain integration.
- Fintech Licensing: The licensing granted to fintech companies further extends the reach of electronic payments, making them essential partners for Citi.
- Fintech as a Crucial Channel: Fintech companies, with their vast user bases, serve as a vital channel to reach end-users. By integrating QR codes into their digital wallets, fintech firms become valuable clients for Citi.
Temsamani emphasized that both fintech companies and big tech firms are among Citi’s most significant partners in this digital transformation journey.
