SINGAPORE, Nov. 13, 2025 /PRNewswire/ — As more global entrepreneurs and corporations look to Singapore for regional expansion, Bizzkey, powered by Lotusia Group has introduced a unified digital platform that simplifies company incorporation, compliance management, and fintech-enabled banking to help businesses start and scale faster in Asia’s financial hub.

Bringing Clarity and Speed to Incorporation

Incorporating a company in Singapore has long been a complex process involving multiple intermediaries and regulatory steps. Bizzkey streamlines this journey by combining company registration, statutory filings, and multi-currency banking access into one secure, paperless platform. 

“Bizzkey was built to make Singapore incorporation simple, transparent, and accessible,” said Jacob Tao, Co-CEO of Lotusia Group. “By integrating fintech and compliance, we are transforming a process that used to take weeks into a seamless digital experience, giving global businesses the ability to operate across borders with confidence.”

Through Bizzkey’s all-in-one interface, users can register their company, manage ACRA and IRAS compliance, and access fintech-powered business accounts without the delays or administrative friction typically associated with cross-border setup.

Combining Regulatory Expertise with Fintech Agility

Built on Lotusia Group’s decade of cross-border business expertise and developed in collaboration with SAVO, a fintech platform specialising in digital banking and payments, Bizzkey offers entrepreneurs a frictionless gateway to Singapore’s regulated business environment.

Through a single platform, users can:

• Complete company incorporation digitally from anywhere in the world
• Open multi-currency business accounts instantly through fintech partnerships
• Automate ACRA filings, renewals, and compliance requirements
• Manage documents and licenses in a secure digital dashboard

Enabling Cross-Border Growth Through Connectivity

Bizzkey’s launch also builds upon Lotusia Group’s ongoing role in advancing regional business connectivity. As the official operator of the China–Singapore (Chongqing) One-Stop Internationalisation Platform, established under the China–Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), Lotusia Group supports government-led efforts to deepen trade, financial, and digital collaboration between Singapore and China.

The platform, jointly supported by the Chongqing Municipal Commerce Commission and the China-Singapore (Chongqing) Industrial Promotion Center, provides integrated services in market research, tax and legal compliance, investment facilitation, human resources, and brand development.

This government-backed partnership reinforces Lotusia Group’s position as a trusted facilitator of cross-border business and digital transformation, aligning with the broader CCI vision of strengthening modern connectivity and sustainable trade between both nations.

Supporting Asia’s Next Wave of Entrepreneurs

Bizzkey’s launch aligns with Singapore’s national focus on digital trade facilitation and financial inclusion. As startups and investors across Mainland China, Hong Kong, Japan, and Southeast Asia look to establish a foothold in Singapore, Bizzkey provides the infrastructure and local expertise to make entry faster and more seamless.

The platform’s early adopters include digital commerce and professional service firms seeking real-time incorporation support, instant compliance visibility, and secure fintech integration.

“Bizzkey is more than a service. It’s the foundation for a new way of doing business. Borderless, digital and compliant,” added Jacob.

About Bizzkey

Bizzkey, powered by Lotusia Group, is a digital platform that unifies company registration, compliance, and fintech banking for global entrepreneurs. The platform streamlines Singapore incorporation and business management through automation, transparency, and integrated financial solutions.

For more information, visit www.lotusiagroup.com or follow Lotusia Group on LinkedIn for more updates.

For media enquiries, please contact:

Shermin Chen
Head of Marketing, Lotusia Group
shermin@lotusia.com.sg
+65 9762 7783

20 per cent of proceeds from all paid experiences, including tours and exclusive dining experiences, will go towards President’s Challenge, alongside Banyan Group’s donation and dollar-for-dollar matching of festival ticket proceeds 

SINGAPORE, Nov. 14, 2025 /PRNewswire/ — Banyan Group announces that as part of the upcoming Rainforest Festival running from 27 November to 3 December 2025, festival-goers will have access to a series of curated paid experiences and special offers at the Mandai Wildlife Reserve, Singapore’s wildlife and nature destination. These immersive activities, including guided behind-the-scenes tours to meet wildlife experts and get up close to the parks’ iconic animal residents, as well as curated ecological and dining options at Mandai Rainforest Resort by Banyan Tree, complement the festival’s celebration of sustainable design, biodiversity, and well-being, all while supporting a meaningful cause.

Guests who book the paid experiences will receive a complimentary same-day Rainforest Festival ticket. During the festival week, festival ticket holders will also enjoy an exclusive 30 per cent discount on admission tickets to the Rainforest Wild Asia – Asia’s first adventure-based zoological park, Bird Paradise – Asia’s largest bird park home to over 3,000 birds, and the upcoming Curiosity Cove – a 4,600sqm indoor nature-inspired playscape opening on 21 November. Availability for these paid experiences and discounted tickets is limited, and early booking is recommended. In addition, they will enjoy up to 10 per cent discount at selected dining and retail shops operated by Mandai Wildlife Group across the destination, excluding tenant-operated outlets.

The inaugural Rainforest Festival is a week-long celebration marking the Grand Opening of Mandai Rainforest Resort by Banyan Tree –  Banyan Group‘s 100^th resort worldwide and its symbolic homecoming to Singapore.  Aligned with the spirit of giving back, the festival is held in support of the President’s Challenge, which benefits 60 programmes across 52 charities and social service organisations. All festival ticket proceeds will be donated to the President’s Challenge and matched dollar-for-dollar by Banyan Group, with an additional 20 per cent of proceeds from the paid experiences donated by Mandai Wildlife Group and the resort, and a further dollar-for-dollar match from the Government under the SG60 Matching Grants.

The Rainforest Festival runs from 27 November to 3 December 2025 (10am to 6pm daily) at Mandai Rainforest Resort by Banyan Tree. General Admission tickets are S$10 on weekdays and S$15 on weekends; with free entry for children under four with an accompanying adult, in-house resort guests and participants of paid tours, ecology or culinary experiences at the resort and Mandai Wildlife Reserve during the festival week.

For more information about the Rainforest Festival programme, updates and ticketing information, visit banyantree.com/rainforest-festival

For high-resolution images, please download here.

For full list of paid experiences, refer to Annex A.

For event overview and latest programme highlights, refer to Rainforest Festival Fact Sheet in Annex B. 

ABOUT THE RAINFOREST FESTIVAL:

From 27 November to 3 December 2025, celebrate the Grand Opening of Mandai Rainforest Resort by Banyan Tree and Banyan Group’s 100th resort milestone and homecoming at the inaugural Rainforest Festival. All festival ticket proceeds will be donated to the President’s Challenge and matched dollar-for-dollar by Banyan Group.

Explore discovery trails, artisanal craft showcases, and refreshing treats in nature, alongside a daily line-up of wellbeing sessions, nature walks, creative workshops, family activities, and yoga and movement classes for all ages. Over the weekend, the GREEN-HOUSE HangOut – a pocket-sized edition of Singapore’s largest sustainable lifestyle event – brings together ten homegrown sustainable brands and live performances on Saturday by Wolfgang Violin Studio, Joie Tan, Jack & Rai, MICappella, and Heart Songs by Gabrielle Mendoza, while Beans & Beats takes over the festival stage on Sunday.

Owned by Mandai Wildlife Group, Mandai Rainforest Resort by Banyan Tree is Banyan Group’s 100th resort and homecoming debut in Singapore, and a key addition to the Mandai Wildlife Reserve, the city-state’s wildlife and nature destination. Nestled within Mandai Wildlife Reserve, the resort is the first-ever located in a world-class nature and wildlife destination within a capital city – where travellers can immerse themselves in the wonders of biodiversity right on their doorstep.

ABOUT BANYAN GROUP

Banyan Group (“Banyan Tree Holdings Limited” or the “Group” – SGX: B58) is an independent, global hospitality company with purpose. The Group prides itself on its pioneering spirit, design-led experiences and commitment to responsible stewardship. Its extensive portfolio spans 90 hotels and resorts, over 140 spas and galleries, and 20 plus branded residences in over 20 countries. Comprising 12 global brands, including the flagship brand Banyan Tree, each distinct yet united under the experiential membership programme with Banyan. The founding ethos of “Embracing the Environment, Empowering People” is embodied through the Banyan Global Foundation and Banyan Academy. Banyan Group is committed to remaining the leading advocate of sustainable travel, with a focus on regenerative tourism and innovative programmes that elevate the guest experience.

ABOUT MANDAI RAINFOREST RESORT BY BANYAN TREE 

Located within Singapore’s Mandai Wildlife Reserve, Mandai Rainforest Resort by Banyan Tree offers conscious stays designed to bring forth an awakening in the rainforest. At its doorstep are world-renowned wildlife parks – home to over 20,000 animals, and nature-inspired activities where guests can enjoy wildlife encounters and experiential learning journeys that connect them to the fascinating world of nature and wildlife. Biophilia deeply influences the resort’s architecture and is infused in all programmes, signature amenities and services, immersing guests in the wonders of the rainforest and offering a respite from the urban jungle.

Owned by Mandai Wildlife Group, Singapore’s first Super Low Energy resort is operated by Banyan Tree, renowned internationally for its signature Asian hospitality, spa and wellbeing experiences, and for its stewardship of the environment and communities. Mandai Rainforest Resort is Banyan Group’s first resort in Singapore, marking a homecoming for the brand.

ABOUT MANDAI WILDLIFE GROUP

Mandai Wildlife Group is dedicated to caring for the planet and protecting animals and nature. Conservation education is intrinsic in all interactions with the Group, to inspire action for a healthier world.

Mandai Wildlife Group is the steward of the Mandai Wildlife Reserve, a unique wildlife and nature destination in Singapore that is home to world-renown wildlife parks which connect visitors to the fascinating world of wildlife. The Group is driving an exciting rejuvenation plan at the Mandai Wildlife Reserve, adjacent to Singapore’s Central Catchment Nature Reserve, that will integrate five wildlife parks with distinctive nature-based experiences, green public spaces and an eco-friendly resort.

Mandai Wildlife Group advocates for biodiversity, contributes to leading wildlife research, develops innovative solutions to promote living sustainably, and collaborates with conservation partners in Singapore and Southeast Asia.

The Group provides funding and in-kind support to its conservation arm, Mandai Nature, for conservation work across Southeast Asia. Mandai X, an entity that is part of the Group, is the growth accelerator and venture-building arm that sparks, catalyses and accelerates innovative ventures in new domains that drive growth and impact at scale.

More information can be found at www.mandai.com

Facebook: MandaiWildlifeReserve | Instagram: MandaiWildlifeReserve | TikTok: MandaiWildlifeReserve

Annex A: Paid Experiences During Rainforest Festival

A1. Mandai Wildlife Reserve Experiences

Each booking includes a free same-day Rainforest Festival ticket.

A2. Mandai Rainforest Resort by Banyan Tree Experiences

Each booking includes a free same-day Rainforest Festival ticket.

ANNEX B: RAINFOREST FESTIVAL FACT SHEET

EVENT OVERVIEW

• Dates: Thursday, 27 November to Wednesday, 3 December 2025
• Hours: 10am to 6pm daily
• Venue: Mandai Rainforest Resort by Banyan Tree, 60 Mandai Lake Rd, Singapore 729979
• Tickets: S$10 weekdays, S$15 weekends. Admission is free for children under four with an accompanying adult, in-house resort guests and participants of paid tours, ecology or culinary experiences at Mandai Rainforest Resort by Banyan Tree and Mandai Wildlife Reserve during the festival week
• Beneficiary: President’s Challenge. Proceeds from festival admission tickets will be donated and matched 1:1 by Banyan Group, with an additional 20 per cent of proceeds from paid experiences donated by Mandai Wildlife Group and Mandai Rainforest Resort by Banyan Tree, and a further Government match under the SG60 Matching Grants.
• Festival Website: banyantree.com/rainforest-festival

DAILY HIGHLIGHTS

• Explore the resort and discover how sustainable design, biodiversity, and wellbeing come together through discovery and nature trails, and artisanal showcases.
• Enjoy complimentary refreshments and tastings celebrating local craftsmanship, responsible sourcing, and circular creativity.
• Access complimentary add-on wellbeing, nature and family activities, to be released for advance booking progressively on a first-come, first-served basis via email.

WEEKEND HIGHLIGHTS

• Experience GREEN-HOUSE HangOut, a pocket-sized edition of Singapore’s largest sustainable lifestyle event, featuring ten homegrown brands offering eco-conscious creations and rainforest-inspired DIY workshops.
• Catch exclusive performances featuring sets from Singapore’s most beloved voices and rising stars at the Festival Stage:
• Saturday, 29 November 2025: Wolfgang Violin Studio (11am), Joie Tan (1pm), Jack & Rai (2.30pm), Heart Songs by Gabrielle Mendoza (4.15pm), and MICappella (5.30pm)
• Sunday, 30 November 2025: Beans&Beats (12pm – 4pm)

ADMISSION TICKETS

• General Admission Ticket – Weekday (S$10/pax) includes access to the festival and same-day complimentary add-on activities on a first-come, first-served basis. Activity sessions will be released progressively to ticket holders via email.
• General Admission Ticket – Weekend (S$15/pax) includes access to the festival, GREEN-HOUSE HangOut, Festival Stage entertainment, and same-day complimentary add-on activities on a first-come, first-served basis. Activity sessions will be released progressively to ticket holders via email.
• Guests participating in paid tours, ecology or culinary experiences at Mandai Rainforest Resort by Banyan Tree and Mandai Wildlife Reserve during the festival week will receive free admission tickets to the festival.
• Admission to the festival is free for children under four with an accompanying adult, in-house guests and participants of paid resort experiences.

SHANGHAI, Nov. 14, 2025 /PRNewswire/ — Zaihui (Shanghai) Network Technology Co., Ltd., (“Zaihui”) a leading internet company specializing in integrated services for local merchants in the Chinese life services sector, proudly announces that its co-founder, Zhu Chenhao, has been named on the esteemed Hurun China Under40s 2025 list. This recognition highlights Zhu’s consistent presence on the list, being recognized in both the U35 and U40 categories, showcasing his ongoing acknowledgment on this prestigious roster.

Curated by the renowned Hurun Research Institute, the Hurun China Under40s list identifies and celebrates entrepreneurial trailblazers in China aged 40 and under. The U40 entrepreneurs featured on this year’s list boast companies with an average valuation of up to 15 billion RMB, including 13 unicorn companies and 23 potential future unicorns. With a stringent entry threshold of USD 1 billion, this year’s Hurun China Under 40s 2025 list features 195 exceptional young entrepreneurs and innovators, recognized for their outstanding achievements and influence across diverse industries.

Expressing his gratitude for this recognition, Zhu commented, “Being named a ‘Hurun U40 China Entrepreneurial Pioneer’ once again is a testament to the dedication of Zaihui and myself. Our mission is to simplify business operations for Chinese enterprises, enabling 2 million offline store owners in China to engage and manage online traffic seamlessly, thereby empowering local communities through digitization.” He further emphasized Zaihui’s commitment to advancing its technological capabilities and expanding its service offerings to support diverse businesses and contribute to societal progress.

A Stanford University Law Master’s graduate, Zhu co-founded Zaihui in 2015, transforming it into the leading marketing technology company in China’s local life industry. The company has secured significant investments, including nearly 300 million US dollars from notable funds such as SoftBank Vision Fund. Zhu has received multiple prestigious accolades, including being listed on the Forbes China’s 30 Under 30 in 2018 and Forbes China Elite 100 in 2024, underscoring his exceptional leadership and industry influence.

Under Zhu’s guidance, Zaihui has been instrumental in addressing operational challenges faced by mid-sized catering establishments, leveraging intelligent data analytics to enhance their business performance and drive digital transformation within the catering sector.

Zhu’s continued recognition on the Hurun U40 list underscores his remarkable leadership and Zaihui’s significant market impact in advancing digital solutions for local life services. Zaihui remains steadfast in its commitment to technological innovation, empowering local enterprises to achieve substantial growth in the digital era.

Nationwide survey shows that 1 in 2 Singaporeans finds workplaces inaccessible,
 few know about available training or grants

SINGAPORE, Nov. 14, 2025 /PRNewswire/ — A new nationwide survey led by Singapore Management University (SMU) has revealed that while Singaporeans care deeply about inclusion, the pathway from empathy to employment remains steep. Despite widespread goodwill, both persons with disabilities (PWDs) and the general public rate Singapore’s employment policies below moderate in effectiveness, with future improvement by 2030 seen as only “minor”.

Among those in hiring positions, both PWDs and members of the public admitted they were only “a bit willing” to hire a person with disability, a sobering sign that positive sentiment has yet to become action.

When asked what would most improve employment for PWDs, both groups ranked empowerment and practical enablement highest. Meaningful inclusion at the workplace is held back by poor accessibility, low awareness of support schemes and a lack of practical employer tools.

The study, Engage.Me., was created and led by Singapore Management University (SMU) Principal Lecturer of Statistics Rosie Ching, and supported by the Singapore Association of the Visually Handicapped (SAVH) and the Singapore Association for the Deaf (SADeaf). 

Together, they surveyed the deaf and hard-of-hearing community, people with visual impairments, persons with physical impairments as well as members of the general public to collect data on perceptions, awareness and engagement in inclusive employment.

Said Ms Rosie Ching, “Every statistic in the results shows goodwill but goodwill without access doesn’t get anyone hired. Until we improve workplace accessibility, make support easy to find, and give employers practical tools and benefits, people with disabilities will keep hearing ‘you’re welcome here’ while the door essentially stays half-closed, akin to being invited to a feast and left standing outside the restaurant.”

The study began in July 2025, and over a two-month period, polled a total of 7,265 people, which included 171 visually-impaired respondents, 193 deaf or hard-of-hearing individuals, 151 persons with physical disabilities, 961 people who work or volunteer with PWDs and 5,789 members of the general public across Singapore.

Full survey results are accessible at www.screeningstatistics.com/engageme.

Key findings of practical implications:

1.    Accessibility the weakest link

• More than half of PWDs rated physical, tech and social accessibility in workplaces below 50%, with technology scoring the lowest.
• The public was even more critical, with 6 in 10 rating tech accessibility as the weakest link in inclusion efforts.
• Ms Ching commented: “Accessibility, especially digital, is still the critical bottleneck. Without the means to apply, connect, or communicate, participation in employment, education, and social life, including the ability to apply for jobs, collaborate with colleagues, and engage in community or policy processes, engagement simply isn’t possible. If digital access fails, PWDs cannot even reach the stage of engagement that defines genuine participation.”

2.    Awareness gap: 8 in 10 unaware of training, 7 in 10 unaware of hiring grants

• The survey found a striking lack of awareness of government or employer support.
• 8 in 10 PWDs have never heard of training programmes for employability.
• 2 in 3 are unaware of hiring grants for PWDs.
• Even among those in hiring roles, fewer than one in two have heard of workplace grants or PWD employability training schemes.
• Ms Ching commented: “Goodwill is evident, but support remains significantly inadequate. Without clear signposting and practical nudges, awareness lags, and with it, genuine inclusion.”

3.    Support gap: PWDs rate their self-sufficiency far below expectations

• PWDs rated their job satisfaction at 6.38 out of 10, a “high-average” score. However, their ability to financially support themselves stands at just 5.4 out of 10, far below the 7.0 that the general public believes it should be. This marks a significant perception gap.
• In other words, job satisfaction is holding up due to PWDs being reasonably satisfied with their jobs. However, financial self-sufficiency is not, because they feel markedly less secure about their ability to stand on their own feet financially. The disconnect highlights how positive public sentiment has yet to translate into tangible empowerment and financial security.
• Ms Ching commented: “While job satisfaction among PWDs is reasonably high, their perceived ability to support themselves financially drops significantly, well below even what the public believes it ought to be. This disconnect shows that goodwill alone has not yet translated into real empowerment or economic independence.”

4.    Mindsets alone are not enough to increase engagement with PWDs

• The study revealed a positive correlation between attitudes towards PWDs (Disability Attitude Index, DAI) and employment engagement (Disability Employability Index, DEI). However, attitudes account for only 11% of actual engagement.
• This indicates that mindset shifts alone are not sufficient to move the needle. Although attitudes toward persons with disabilities (PWDs) are generally positive, they do not strongly predict employability outcomes.
• While inclusive attitudes are important, sustainable inclusion requires structural enablers such as accessibility, training, and policy support to translate good intent into meaningful employment outcomes.
• Ms Ching: “We’ve statistically shown that Singaporeans care and empathise. Yet inclusion for persons with disabilities happens only when empathy is matched with infrastructure. Without proper accessible systems, inclusive hiring, and genuine workplace support for employers as much as for employees, good intentions rarely pave the way for real opportunity.”

Key Recommendations:

1)    Fix digital and information gaps:

More than half of PWDs rated accessibility below 50%, and 8 in 10 were unaware of existing training or hiring grants. To address this gap, the study recommends developing a national “Inclusion Gateway”, a unified digital portal that connects job opportunities, grants, and training programmes. The platform would feature SMS or Whatsapp prompts that guide users step-by-step and be co-tested by PWD users.

2)    Equip employers and tie incentives to inclusion outcomes

Mindsets account for only 11% of employability outcomes; structure does the rest. To address this gap, the study recommends introducing inclusive-hiring perks for business leaders. Companies that actively close accessibility and hiring gaps could receive tax benefits or national recognition, ensuring inclusion is no longer an act of voluntary goodwill but a measurable, recognisable and rewardable business practice.

Mr Samuel Choo, SAVH Executive Director commented: “SAVH is deeply grateful for this meaningful collaboration with Singapore Management University to uncover valuable insights into the lived realities of persons with visual impairment. The Engage.Me. findings highlight accessibility as the key stumbling block to employability, what we have long observed on the ground, and which we now have concrete statistical proof of.

The awareness and support gaps revealed by this survey are equally worrying. Many persons with disabilities, including employers, remain unaware of existing training and hiring grants. Goodwill is there, but awareness is not. Without both, inclusion stalls. SAVH will continue to shine a light on these support schemes, not only within our own services but across the wider community. Because inclusion is more than awareness, it takes accessible technology, prepared employers, and real opportunities that lead to independence and dignity for every person we serve.”

Mr Josh Lye, SADeaf Executive Director commented: “We’re encouraged that the study supports what we already know: that Singaporeans care and empathise with persons with disabilities. But we’re also reminded that for good intentions to lead to real opportunity, empathy must be matched with infrastructure – properly accessible systems, inclusive hiring and genuine workplace support for employers and employees. We’re glad we could make a small contribution to this SMU study. The insights are a helpful step towards building more inclusive systems and opportunities, and empowering Deaf, Deafblind, and Hard-of-hearing individuals.”

-end-

Successful Trial Advances Digital Asset Interoperability

HIGHLIGHTS

• In a landmark trial, Citi and Swift proved it’s possible to settle payments between fiat and digital currencies in a Payment-versus-Payment workflow.
• The trial demonstrates a powerful hybrid model for interoperability between traditional financial systems and Distributed Ledger Technology networks.
• The initiative underscores Citi’s commitment to delivering innovative, client-centric and scalable solutions for the digital asset ecosystem.

SINGAPORE, Nov. 14, 2025 /PRNewswire/ — Citi and Swift today announced a landmark trial that proves the feasibility of settling payments between fiat and digital currencies, in a Payment-versus-Payment (PvP) workflow.

The trial demonstrates a powerful hybrid model for interoperability between traditional financial systems and Distributed Ledger Technology (DLT) networks.

This was achieved by leveraging existing Swift infrastructure, which was seamlessly augmented with institutional-grade blockchain connectors, orchestrators and smart contracts.

“These trials with Swift represent a significant leap forward in understanding and developing infrastructure required to support digital currency transactions,” said Ayesa Latif, Head of FX Products. “Our collaboration has demonstrated how existing financial systems can be enhanced with blockchain technology to unlock new levels of speed, transparency, and risk reduction in cross-currency settlements.”

Jonathan Ehrenfeld, Head of Strategy at Swift, said: “Swift is uniquely positioned to be the secure and trusted single point of access for seamless connection between the tokenized ecosystems and the established global financial community. This collaboration with Citi proves that we can leverage the reach of our existing network while introducing advanced capabilities required to orchestrate fiat-digital currency PvP.”

The initiative underscores Citi’s commitment to delivering innovative, client-centric, and scalable solutions for the digital asset ecosystem.

The trials mark a significant milestone towards the development of market-ready solutions that can be scalable, standardized and integrated into global financial systems.

Advancing Digital Asset Interoperability and Mitigating Settlement Risk
The rapid growth of digital currencies, such as tokenized deposits and stablecoins, presents an unprecedented opportunity to revolutionize cross-border payments and financial infrastructure.

For stablecoins, Citi GPS has projected that total issuance market could reach USD1.9 trillion by 2030, driven by expanding use cases and increasing regulatory clarity. While stablecoin transaction volume is approaching USD1 trillion a month according to the report, they predominantly serve as an intermediary. Consequently, recipients of stablecoins – which are primarily US dollar denominated – often choose to exchange them for local fiat currency. 

Despite this demand, settlement between both fiat and digital currencies such as stablecoins remains challenging as they are fundamentally different in nature. Unlike fiat currencies that are typically held within accounts at correspondent banks, digital currencies are held by user wallets on various blockchains and generally do not allow for reversible transactions.

While FX messaging standards, such as MT30X, have been designed to identify digital assets and confirm FX deals on them, they are not meant to instruct synchronized settlement between fiat and digital currencies. The initiative between Citi and Swift aims to address this issue.

How it Works: Novel PvP Approach
Citi and Swift designed a holistic messaging standard capable of tracking the end-to-end process, from trade initiation to settlement confirmation.

This standard uniquely accounts for the distinct data fields and characteristics inherent in fiat-digital currency transactions.

The solution also incorporated an escrow mechanism to overcome the challenge of irreversible blockchain transactions, while ensuring PvP settlement and eliminating settlement risk of both parties.

A central orchestrator further managed the sequenced exchange of messages, coordinating between the fiat and DLT legs to ensure synchronization and finality. In the trial, Citi also utilized test USDC tokens from Circle on the Ethereum Sepolia testnet, to simulate a near-production environment.

Citi and Swift will continue to refine the approach in collaboration with the broader financial community and establish the messaging and operational standards necessary for scalable, institutional-grade digital asset transactions.

*Payment versus Payment (PvP): While this mechanism mitigates settlement risk by ensuring both currency legs settle, the current implementation is not atomic. This is because the workflow spans two distinct technologies, meaning the payments are synchronized but not executed as a single indivisible transaction.

About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi 

Media Contact:

Ho Kai Feng     kai.feng.ho@citi.com