![]() ![]() ![]() We’re moving into a bigger, state-of-the-art building next year. In Germany, I was impressed by how substantially our Frankfurt office is growing. We have tripled our Markets team, launched both our Private Bank and Commercial Bank businesses and have attracted top talent in Banking, Capital Markets and Advisory. In the past few years, Citi has grown exponentially in France. This is the fourth year in a row that France was Europe’s number one destination for FDI, and it remains one of Citi’s largest markets. I attended last week’s Choose France Summit, which celebrated a record level of foreign investment with $14 billion announced for the energy transition, green technology and other areas. I saw this firsthand during my recent trips to France and Germany. Financial Services Industry Study Demonstrates Feasibility of a Regulated Digital Asset Settlement Platform Supported by Shared Ledger TechnologyĬiti is growing across Europe. The work we’re doing at Citi and with our industry partners is bringing us ever closer to that future. In a digital world, we need dollars to be always-on and moving instantly. Cross-border payments are at the heart of Citi’s business and power the global economy. dollar’s long-standing role as the preferred global reserve and settlement currency.īeyond RLN, we’re exploring our own digital asset solutions at Citi that we can implement for our clients in the near term, including tokenized deposits, together with always-on, 24/7 clearing solutions and real-time cash management sweeps. That kind of tangible innovation could also help uphold the U.S. dollar, eliminating delays, reducing costs and increasing transparency of cross-border payments without compromising safety and soundness. The findings confirm that the RLN could be a real game-changer for global users of the U.S. I’m proud that Citi played a leading role in developing the concept and, importantly, iterating it with partners across the financial industry.įollowing a 12-week trial, the results are in. This effort tested the concept of a regulated liability network, or RLN, a proposal that would process regulated money on a shared ledger. With this in mind, Citi recently participated in a project with a group of regulated financial institutions from the public and private sectors. dollars instantly domestically, but transacting across borders is not yet real time or 24/7.Īs we continue to address the challenges of modernizing finance for the digital age, we can be sure that if the regulated financial system does not meet emerging needs, then the vacuum will be filled by non-regulated alternatives. Speed is critical and yet money isn’t as fast as it could be everywhere, all the time. How can finance keep pace with a rapidly digitizing global economy? ![]()
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