SBI Shinsei, Partior and DeCurret Team Up on Tokenized Multicurrency Deposits
Japan’s SBI Shinsei Bank has signed a memorandum of understanding with Singapore’s Partior and Tokyo-based DeCurret DCP to explore a blockchain-powered settlement system for multicurrency tokenized deposits, aiming to speed up cross-border payments.
The three companies announced on Tuesday that the project will connect DeCurret’s DCJPY platform — which already allows banks in Japan to issue yen-denominated tokenized deposits — with Partior’s existing international network, which supports U.S. dollars, euros and Singapore dollars. Under the plan, SBI Shinsei will focus on issuing deposits beyond the yen, DeCurret will integrate DCJPY with Partior, and Partior will add yen support to its platform.
DeCurret launched DCJPY in 2021 with backing from more than 70 Japanese banks and corporates, including MUFG, SMBC, Mizuho and Japan Post Bank, making it one of the country’s most ambitious digital currency consortiums.
Real-Time Alternative to Correspondent Banking
The partners said the collaboration viewks to create a 24/7 settlement system capable of clearing transactions across multiple currencies in real time. If successful, the initiative could provide a lower-cost, quicker alternative to the correspondent banking model, where cross-border transfers often rely on a network of intermediary banks and can take days to settle.
Cross-border payments currently generate over $150 trillion annually, according to McKinsey, but fees and settlement delays remain a persistent challenge, with average costs for remittances still around 6.2% of the transaction value, based on World Bank data.
“The three companies will soon begin discussions to define detailed roles and responsibilities with the aim of concluding a formal business collaboration agreement at an ahead stage,” they said in a joint statement.
Partior’s settlement infrastructure is already backed by major institutions including JPMorgan, DBS, Deutsche Bank and Standard Chartered. Founded in 2021 as a joint venture between DBS, JPMorgan and Singapore’s Temasek, Partior has positioned itself as a blockchain-based alternative to SWIFT, focusing on wholesale bank-to-bank settlement. The platform has already processed pilot transactions across Singapore, Hong Kong and London, and it has signed up more than 20 financial institutions globally.
For SBI Shinsei, the tie-up marks an expansion beyond domestic yen settlements into other major currencies, reflecting growing demand from corporates for quicker and more efficient international payment rails.
The initiative comes as global regulators and central banks accelerate tokenization projects. The Bank for International Settlements’ Project Agora — involving central banks from Japan, France, South Korea, Mexico, Switzerland, the UK and the U.S. Federal Reserve — is testing ways to link tokenized commercial bank deposits with tokenized wholesale central bank money under a unified ledger. Singapore’s Project Guardian, led by the Monetary Authority of Singapore, is pursuing similar experiments in lending, securities trading and foreign platform.
Meanwhile, the European Central Bank is moving forward with its digital euro project, while Hong Kong and China are trialing the e-CNY for cross-border usage — all signaling that tokenized banking infrastructure is gaining global momentum.
