In today’s top news in digital-first banking, the central banks of China and the United Arab Emirates (UAE) are joining a digital currency initiative for cross-border payments, while the State Bank of India (SBI) is reportedly signing onto a blockchain network. Plus, Citibank has announced it is rolling out Citi Plus.
The Central Bank of the United Arab Emirates and The People’s Bank of China are signing onto the second phase of the program previously called Project Inthanon-LionRock, which is at work on a central bank digital currency (CBDC) for international payments. The program was started by The Hong Kong Monetary Authority in addition to the Bank Of Thailand (BOT).
The State Bank of India (SBI) is reportedly becoming a part of Liink, which is J.P. Morgan’s peer-to-peer (P2P) blockchain-based data system. By making Liink a part of its operations, SBI will have the capacity to trade payments-related data with other financial institutions (FIs) on the system. As it stands, approximately 100 banks are live on the network.
Citibank has announced it is launching Citi Plus, its Hong Kong initiative that it recently brought out of beta. Users of the offering will have access to tailored wealth management information “to accumulate their wealth and earn more through accomplishing fun tasks,” according to a release. Citi Plus provides many investment products like money market funds, equities and select mutual funds.
Financial services platform Advance America is teaming with international payment firm Western Union Company to expand its collection of payment solutions. “By integrating Western Union services within our online and retail interfaces, we are giving our customers access to speed, reliability, channel choice, and local access to send money globally,” Mickey Durkin, SVP of digital marketing and product at Advance America, said in an announcement.