Citi hiring 100 people in Singapore and other cities as part of digital assets push

The bank is focusing on assessing clients' needs in the digital asset space.
The bank is focusing on assessing clients' needs in the digital asset space.PHOTO: REUTERS

SINGAPORE - Global bank Citi is ramping up hiring to boost its expertise in blockchain, digital assets and digital currencies as it sets up a new digital assets unit.

The bank said on Tuesday (Nov 23) that it is hiring for 100 roles across its institutional clients group (ICG) and associated functions to develop its capabilities in these areas.

Those hired to work on the new unit will be based in Singapore, London, New York and Tel Aviv, which are strategic locations for Citi's ICG business and technology, as well as talent hubs for blockchain and digital asset expertise, it added.

Mr Puneet Singhvi, formerly the head of blockchain and digital assets at the bank's global markets division, will lead the unit as the ICG head of digital assets.

He also previously led teams across sales and business development, as well as in product for global markets and securities services, and for treasury and trade solutions.

Mr Shobhit Maini and Mr Vasant Viswanathan will be co-heads of blockchain and digital assets for global markets.

A Citi spokesman said the bank is focusing on assessing clients' needs in the digital asset space.

"Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks, in order to meet our own regulatory frameworks and supervisory expectations," it added.

Citi's ICG business development head Emily Turner said in an internal memo that the group's digital assets team will provide subject matter, product development and project management expertise.

She added that the team will also "outline a distinct strategy on where and how ICG should pursue digital asset opportunities, including new products, new clients and new investments".

"To inform this strategy, Puneet and team will focus on engaging with key internal and external stakeholders, including clients, start-ups and regulators," said Ms Turner.