Tokenization and the Shift to 24/7 Finance
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In this special episode of the Citi Institute podcast, host Ronit Ghose is joined by Ryan Rugg, Head of Digital Assets for Treasury and Trade Solutions, Citi to discuss the possibilities and challenges that come with Tokenization, and to share their insights on 24/7 Finance and what it might mean for industries and society as a whole.
Ryan Rugg, Head of Digital Assets for Treasury and Trade Solutions, Citi is optimistic that 2025 will mark broader institutional adoption of digital assets as global and U.S. clarity increases.
Our guest reflects on tokenization, programmable finance, and global 24/7 infrastructure as transformative for the financial system — if built within a compliant, scalable framework.
The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.
Ronit Ghose, Head of Future of Finance, Citi Institute
Ronit is the Head of Future of Finance for the Citi Institute team. Prior to this Ronit was Global Sector Head for Banks in Citi Research.
He has been Head of the European Banks team since 2009. He is the lead analyst on HSBC, Standard Chartered, the GCC and Nordic Banks. Since joining Citi in 1997, Ronit has covered banks in the Benelux, Canada, Cyprus, France, Greece, Saudi Arabia, Scandinavia, Spain, UAE and the U.K. Ronit previously worked at the British Bankers’ Association and as a research assistant in Parliament for the former U.K. Prime Minister Sir Edward Heath. Ronit has an undergraduate degree in Modern History (University of Oxford), a postgraduate diploma in Economics (University of London), and is a CFA charterholder.
Ryan Rugg, Head of Digital Assets Citi’s Treasury and Trade Solutions
Ryan is currently the Head of Digital Assets for Citibank's TTS business. The TTS team helps enable their global clients by simplifying the management of treasuries, payments and commerce on a day-to-day basis.
Recently, Ryan and the team announced Citi Token Services, which is a solution that enables clients to transfer liquidity between Citi branches on a 24/7 basis. The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.
In Ryan's last role she was responsible for IBM’s America's blockchain team, helping to enhance client’s solutions and capabilities for building Digital Ecosystems. She provided strategic guidance for; operational and governance considerations, technology roadmaps, and services infrastructure to help clients focused on TIPS (Tokenization, Identity, Provenance & Sustainability).
In addition, her team helped build New York’s Excelsior Pass (Digital Wallet for Vaccinations & PCR tests), which was groundbreaking with millions of users and will help serve as a framework to aid in the development and implementation of digital health credentials and beyond. The blueprint will help as a guide to assist other states, territories, and entities in the expansion of credential systems to advance economic development efforts nationwide.
Prior to that Ryan was the Global Head of Industry at R3 (Fintech Startup), where she sat at the forefront of blockchain innovation across multiple industries. She was responsible for the strategic direction of R3’s key verticals, helping industry leaders capture the full benefits of blockchain for their businesses. Ryan also launched the Centre of Excellence for distributed ledger technology (DLT) in cooperation with ACORD (Association for Cooperative Operations Research and Development).
Ryan believes in Delivering Through Diversity; diversity in management positions increases profitability. Over the course of her career, Ryan has spearheaded several efforts to further diversity and retention across financial services. In her previous role at Morgan Stanley, Ryan co-led a diversity initiative to increase female analyst representation. Ryan continues her mission towards greater diversity in senior management, investing her time in mentoring to improve leadership skills and build proactive career development plans to empower them to executive level.
