Japan’s SBI Shinsei Bank looking at tokenised deposits for cross-border transactions

By Leika Kihara

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TOKYO (Reuters) -Japan’s SBI Shinsei Bank said on Wednesday that it is considering introducing tokenised deposit payment services for its corporate clients, allowing them to make faster and cheaper cross-border payments.

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It has signed an agreement with DeCurret DCP, which provides the DCJPY tokenised deposit platform in Japan, to consider establishing the service by using Singapore-based Partior’s multicurrency settlement platform for digital money.

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Shinsei is also looking at offering tokenised deposit services in currencies other than the yen, according to a joint statement by the three companies.

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As part of the agreement, Partior, whose platform is used by several major global banks including DBS and Standard Chartered, will add the yen to its portfolio of supported currencies.

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Japan Post Bank also said this month that it is looking at offering tokenised deposits using DeCurret’s platform.

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Tokenised deposits, also known as deposit tokens, refer to a digital form of bank deposits using blockchain technology.

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SBI Shinsei Bank, a unit of SBI Holdings, plans to relist on the Tokyo Stock Exchange after delisting in 2023.

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(Reporting by Leika Kihara; Editing by Edwina Gibbs)