Japan’s SBI Shinsei Bank said on Wednesday that it is considering introducing tokenized deposit payment services for its corporate clients, allowing them to make faster and cheaper cross-border payments.
It has signed an agreement with DeCurret DCP, which provides the DCJPY tokenized deposit platform in Japan, to consider establishing the service by using Singapore-based Partior’s multicurrency settlement platform for digital money.
Shinsei is also looking at offering tokenized deposit services in currencies other than the yen, according to a joint statement by the three companies.
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.
Japan Post Bank also said this month that it is looking at offering tokenized deposits using DeCurret’s platform.
Tokenized deposits, also known as deposit tokens, refer to a digital form of bank deposits using blockchain technology.
SBI Shinsei Bank, a unit of SBI Holdings 8473.T, plans to relist on the Tokyo Stock Exchange after delisting in 2023.