Citigroup plans to offer blockchain-based overseas remittance services to Japanese companies as early as this year, Nikkei Asia reported Wednesday.

The service would be the first of its kind for Japanese corporate customers by an overseas financial institution, Citigroup's head of services Shahmir Khaliq told Nikkei Asia.

Japanese companies will be able to transfer currencies between Japan and Citi operations in the U.S., U.K., Singapore, Hong Kong and Ireland, with Citigroup managing the administrative and risk-management functions, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)