Citi is aiming for its new digital consumer payments business to be live in 20 markets across all regions, including Asia, by the first quarter of 2020, the US financial services giant said on Thursday.CITI is aiming for its new digital consumer payments business to be live in 20 markets across all regions, including Asia, by the first quarter of 2020, a senior executive at the US financial services giant said on Thursday.
Eventually, the target is to go live in up to 40 markets over the next three years, said Rajesh Mehta, the bank’s head of treasury and trade solutions for Asia-Pacific, in emailed replies toBT understands clients who have signed up include multinational corporations from traditional sectors such as pharmaceuticals and insurance, as well as new businesses such as online marketplaces, ride-hailing, home-sharing, travel e-commerce and food delivery.sentifi.
"On the back of this trend, our clients’ business models are rapidly changing to engage their end consumers directly rather than through intermediaries or wholesalers, and one area that is transforming rapidly is the payments space. It is a key focus area for our clients, as it is for us."This comes as its treasury and trade solutions business saw positive momentum in 2018, globally and within Asia-Pacific.
Globally, revenues grew by 8 per cent year on year to US$9.3 billion for 2018, according to Citi. In Asia-Pacific, revenue grew close to a double-digit percentage range for the same period. Across Asean and in Singapore, Citi said the business turned in a good performance and revenue growth saw a double-digit percentage increase.