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Season 1

Hosted by Ryan Rugg, Digital Assets Head for Treasury and Trade Solutions, Citi.Welcome to&nbsp;Citi Digital Dispatch, your go-to podcast series on all things digital assets.Over the course of this series, we will be providing insights into some of the most hotly talked-about topics in digital assets and we look forward to you tuning in!

Citi Digital Dispatch

Report

Agentic AI - Finance & the ‘Do It For Me’ Economy

An artificial intelligence that can make autonomous decisions without human intervention. Meet agentic AI.&nbsp;<o:p></o:p>AI, and agentic AI could have a bigger impact on the economy and finance than the internet era.<o:p></o:p>This paradigm shift in AI is powered by a combination of technological breakthroughs in contextual understanding, memory, and multi-tasking abilities.<o:p></o:p>Agentic AI effectively turbocharges the Do It For Me (DIFM) economy. In financial services, users will have their own bots or AI agents helping them choose products and execute transactions. Competition will tick-up as starts-ups grow.<o:p></o:p>The nature of work could change. Those tasks that are outsourced today to contractors or third parties will be increasingly done by agentic AI.<o:p></o:p>The financial services sector is the second largest consumer of GenAI after the telecom and media sector. Historically, banks are the biggest spender on technology (outside of the tech industry). This trend will likely continue with GenAI and agentic AI too.<h5>Agentic AI Use Cases Across Financial Services</h5><img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/678a4e5e4a24ce43ec43ec8d.png" alt="Chart showing different use cases in the financial industry." width="900" height="693"><o:p></o:p>Agentic AI is largely in an experimental phase – and this report offers up insights gleaned as we looked under the hood on what is being built now for future production.<o:p></o:p>We spoke to 30+ AI startup founders, BigTech executives and other external experts in preparing this GPS report.<o:p></o:p>It highlights some of the key use cases of agentic AI in financial services, ranging from compliance, deepfake and fraud prevention, onboarding and KYC, wealth, credit, treasury workflows, and much more.<o:p></o:p>

Finance & the ‘Do It For Me’ Economy

An artificial intelligence that can make autonomous decisions without human intervention. Meet agentic AI.&nbsp;&nbsp;<o:p></o:p>

Agentic AI

Spotify

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Apple

Explore the forces shaping global markets, digital innovation, and economic progress.&nbsp;

The Citi Institute Podcast - Season 1

Transcript

Citi GPS Report

In this episode of The Citi Institute podcast, host Alex Miller is joined by Shenwei Zhu, Managing Director, Investment Banking Division, Citi and Felix Zhang, CEO and Founder, Pudu Robotics to discuss the possibilities and challenges that come with the rapid advancements in the field of robotics, the rise of AI-powered robots that can see, learn, move, talk, and take actions, and what that means for the future.Shenwei Zhu, Managing Director, Investment Banking Division, Citi highlights the importance of data availability and techniques like virtual simulation to train physical AI models and the potential impact of robotics on the labour force.Felix Zhang, CEO and Founder, Pudu Robotics offers advice for aspiring robotics entrepreneurs, emphasising the importance of technology, long-term vision, customer collaboration, and global expansion.Our guests share insights on the growth of the robotics industry, emerging policy and regulatory considerations, including implications for the labour force.Citigroup (“Citi”), and Pudu Robotics are not affiliated and are independent from each other, Although Pudu Robotics is a client of the Banking sector. 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.

Felix Zhang is the founder and CEO of Pudu Robotics, the world's leading service robotics company. Felix studied mechanical engineering as an undergrad and attended Hong Kong University of Science and Technology's master's program for computer science. At the early age of 20, Felix placed first in a prestigious Asian-Oceanian college robot competition, and second overall in the APAC region. This was the catalyst for Felix to launch a series of startups including the leading tech news outlet in China (leiphone.com) and a home robotics company, as well as his current company, Pudu Robotics, in 2016. Under Felix's stewardship, Pudu grew into a global leader in the service robotics sector, with over 90,000 units deployed globally in 60+ countries and regions, over 800 employees, and over one billion yuan in funding from Tencent, Sequoia Capital China, and other top investors.

Felix Zhang, Founder and CEO of Pudu Robotics

Shenwei Zhu is a Managing Director in Citigroup's Investment Banking Division. Shenwei currently is based in New York covering Industrial Technology (with a focus on automation, robotics, machine vision, Industrial IoT, industrial safety, advanced mobility and hydrogen fuel cell) companies globally. Previously he was based in London, focusing on industrial M&amp;A across the EMEA region. Prior to that, Shenwei was part of Citi’s Global Industrials Investment Banking group in New York. &nbsp;Shenwei earned an MBA with honors from Cornell University, a Master of Mechanical and Aerospace Engineering with honors from Illinois Institute of Technology and graduated cum laude from the University of Notre Dame with a B.S. in Mechanical Engineering.Shenwei is a native Mandarin speaker.Shenwei has advised on over $50bn of M&amp;A, IPO and financing transactions, his transaction experiences include:<ul style="list-style-type:disc;"><li>Advisor to Symbotic on its $550mm acquisition of Walmart Advanced Systems and Robotics</li><li>Advisor to Nordic Capital on its ~$1bn sale of Consilium Safety Group to Antin Infrastructure Partners</li><li>Capital Markets Advisor to Nikola’s $900mm equity capital raise ($200mm private convertible + $600mm At-the-Market (ATM) equity offering +$100mm Follow-on)</li><li>Advisor to Softbank on its $5.5bn De-SPAC merger with Symbotic </li><li>Advisor to Nikola’s acquisition of Romeo Power</li><li>Capital Markets Advisor to FuelCell Energy’s At-the-Market (ATM) equity capital raise</li><li>Joint Bookrunner to AutoStore’s $2.45bn IPO on Oslo Stock Exchange</li><li>Advisor to SK Holdings on its $1.6bn Investment in Plug Power </li><li>Advisor to John Deere on its $250mm acquisition of Bear Flag Robotics</li><li>Lead Left underwriter to Mason Industrial Technology’s $500mm IPO on NYSE</li><li>Lead Left underwriter to Hennessy Capital Investment Crop V’s $345mm IPO on NASDAQ</li><li>Lead Left underwriter to Pivotal Investment Corp III’s $275mm IPO on NYSE</li><li>Advisor to Xerox on its $35bn public hostile takeover of HP (transaction terminated) </li><li>Advisor to Fortna on its $290mm sale to Thomas H. Lee Partners</li><li>Advisor to Xerox on its $7.7bn merger with Fujifilm and defense against shareholder activist Carl Icahn (transaction terminated) </li><li>Advisor to Korber on its acquisition of HighJump Software for an undisclosed amount</li><li>Advisor to Sibanye-Stillwater on its sale of gold and palladium streaming rights to Wheaton Precious Metals for $500mm</li><li>Advisor to Louis Dreyfus Company on its sale of Global Metals business to a consortium led by China Molybdenum for $450mm</li><li>Advisor to Sibanye Gold Limited on its acquisition of Stillwater Mining Company for $2.2bn</li><li>Lead Left underwriter to AquaVenture Holding’s $135mm IPO on NYSE</li><li>Joint lead bookrunner for the $3bn recapitalization of R.R. Donnelley’s spinoff of LSC Communications and DFS</li><li>Advisor to TE Connectivity on its sale of Circuit Protection Devices business to Littelfuse for $350mm </li><li>Advisor to TE Connectivity on its acquisition of Measurement Specialties for $1.7bn</li><li>Advisor to Eaton Plc on its sale of Aerospace Power Distribution and Cockpit Solutions business to Safran for $270mm</li><li>Advisor to R.R. Donnelley on its acquisition of Consolidated Graphics for $700mm</li></ul>

Shenwei Zhu, Managing Director, Investment Banking, Citi 

Our guests share insights on the growth of the robotics industry, emerging policy and regulatory considerations, including implications for the labor force.&nbsp;

/rcs/citigpa/storage/public/CIP_The_Rise_of_AI_Robots_Transcript.pdf

The Rise of AI Robots

Digital Dollars - Banks and Public Sector Drive Blockchain Adoption

Blockchain’s adoption is being driven by evolving regulation and a growing emphasis on transparency and accountability. This GPS report focuses on two key areas: enabling new financial instruments – such as stablecoins – and modernizing legacy systems.With the tailwind of regulatory support and factors such as the increased integration of digital assets into incumbent financial institutions and favorable macroeconomics, we expect increased demand for stablecoins ahead.&nbsp;Blockchain introduces a decentralized, trust-based approach to managing public sector data. Unlike traditional systems, where trust is established through a central authority – such as a government verifying its own records – blockchain relies on cryptographic proof.&nbsp;Globally, government processes broadly remain a series of discrete, siloed steps, which are still dependent on large amounts of paper and manual work. Blockchain offers significant potential to replace existing centralized systems with streamlined operational efficiency, better data protection and reduced fraud.&nbsp;Of course substantial risks and challenges remain. These include vulnerability to potential fraud, confidentiality concerns and secure access to digital assets.

Banks and Public Sector Drive Blockchain Adoption

Blockchain’s adoption is being driven by evolving regulation and a growing emphasis on transparency and accountability. This GPS report focuses on two key areas: enabling new financial instruments – such as stablecoins – and modernizing legacy systems. &nbsp;

Digital Dollars

<figure class="image image-style-align-left image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:20%;"><img style="aspect-ratio:300/359;" src="https://www.citigroup.com/rcs/citigpa/storage/public/icpublic/Ryan Rugg Headshot-V2.png" width="300" height="359"></figure>&nbsp;Ryan Rugg, Head of Digital Assets Citi’s Treasury and Trade Solutions&nbsp;&nbsp;&nbsp;&nbsp;The digital asset landscape is evolving fast, with institutional adoption accelerating as regulations take shape. In this Q&amp;A, Citi Institute’s Ronit Ghose speaks with Ryan Rugg, Head of Digital Assets for Citi’s Treasury and Trade Solutions, about key developments in tokenization, blockchain, and regulatory shifts driving institutional adoption. We explore how smart contracts, automation, and tokenization have the potential to reshape financial services.This Q&amp;A was adapted from a <a href="https://www.citigroup.com/global/insights/tokenization-and-the-shift-to-24_7-finance" target="_blank">Citi Institute Podcast episode</a> and has been edited for clarity and brevity.&nbsp;Ronit Ghose: Digital assets have been a topic for years, but we're in a particularly interesting time, especially with regards to institutional adoption and regulatory changes in the U.S. and globally. We’ve seen some regulatory clarity emerge—Trump's executive order and an interpretive letter from banking regulators. Can you break these down?Ryan Rugg: Regulatory clarity is critical. Citi, like other large banks, won’t operate in a gray area—we need a clear framework before engaging. Recently, the OCC’s 1179 process (which required banks to seek regulatory non-objection for activities in digital assets) was repealed, along with the SEC’s SAB 121, which prevented large banks from custodying crypto assets. Citi is in frequent dialogue with regulators and legislators to ensure digital assets are integrated safely into financial services. We expect this year to bring even broader regulatory clarity, which will expand opportunities.Ghose: Outside the U.S., we’ve seen Europe introduce MiCA, the UAE establish a dedicated digital asset regulator, and Singapore continue leading the way. What’s Citi’s global view?Rugg: Citi follows U.S. law as a U.S.-domiciled bank, but we also work closely with global regulators in key markets like the UK, Singapore, and the EU. In each jurisdiction, we ensure regulatory compliance before launching new services. For example, Citi Token Services for Cash (CTS) operates in the U.S., UK, and Singapore, aligning with regional regulatory frameworks.Ghose: What is Citi Token Services for Cash?Rugg: CTS launched in September to address real-time liquidity and payments across multiple jurisdictions. Our clients wanted multi-bank, always-on payment solutions. Traditionally, they had to park cash buffers in different regions to ensure liquidity for payments. With CTS, payments move 24/7/365, eliminating inefficiencies. For example, during Chinese New Year, a client was able to move funds between Singapore and the U.S. when local markets were closed, ensuring payments weren’t interrupted.Ghose: Citi’s traditional banking rails handle huge volumes—around $4 trillion per day—but they operate at "human speed"—shutting down on weekends and evenings. What problem is a product like CTS solving for?Rugg: One of the unique attributes of blockchain is the ability to have smart contracts. Which is another way of saying, if this happens, then do that. We did a pilot last year with ships in a canal ecosystem where, typically, they have to have letters of credit to be able to pass through, and only during traditional banking hours. We took our tokenized deposits and pre-funded a smart contract that said, if the ship receives fuel, automatically release payment. I would say CTS is just scratching the surface by enabling our clients to have this always on payments capability, but being able to add the programmability of it I think is a huge benefit to our clients for the future.Ghose: Let’s break down programmability—what does that mean in financial services?Rugg: We often joke that a smart contract is not actually smart or a contract—it’s just code that automates transactions based on predefined rules. Going back to my earlier example: If an account balance drops below $100M, transfer $50M from Singapore. It’s about really automating the process versus having to have the checks and balances of humans in it, to be able to actually use code as the ability to be able to send money. So making money smart is what we call it because then it actually becomes completely digitized.&nbsp;Ghose: Tokenization extends beyond payments—how do you see it evolving across capital markets and financial services in the next 5-10 years?Rugg: Tokenization is reshaping financial services, especially in areas like the efficient issuance of digital bonds, custody settlement, and tokenizing traditional assets like bonds, real estate, and money markets. It can enable the instantaneous movement of assets as well as liquidity and payments.We talk about the “Holy Grail” being atomic settlement (instant trade &amp; payment clearance). Instead of relying on multiple intermediaries, tokenization could allow assets to settle in real time without intermediaries or messaging delays.Ghose: We’ve talked about major players like BlackRock, Fidelity, and Franklin Templeton entering this space. How do you see this evolving?Rugg: Initially, the focus was on tokenizing everything—mortgages, bonds, equities. But the challenge was always settlement—we still had to go back to traditional rails. Now, we're seeing real growth in money markets and tokenized deposits. Large asset managers see tokenization as a way to improve liquidity and operational efficiency while reducing risk. &nbsp;Ghose: Why take existing financial assets and put them on chain? Seems very complicated and duplicative and hard to do?Rugg: The benefits depend on the asset class. It’s a broad ecosystem that includes everything from assets like equities and bonds, as well as real estate and other things. Because there's so many different flavors and types, it's used for different reasons. Some of them are for efficiency plays, some of them for a store of value, some of them are for moving money without a third party.So, for example, tokenized deposits were developed to enable instantaneous movement of payment and liquidity. Money markets could be tokenized for collateral purposes. For asset backed securities, which includes repos, bonds, and equities, tokenization allows automation, which lowers operational costs, adds efficiencies and creates transparency across the asset’s lifecycle. Then there’s taking very paper-driven businesses such as trade (think of our boat passing through the canal with its letter of credit) and being able to create smart contracts. And then there are stablecoins which were created because of the volatility in crypto.Ghose: Let’s talk about crypto and stablecoins. Banks haven’t traditionally been involved—what’s changing?Rugg: It really depends on legislation. There are currently two draft bills proposed in Congress that could provide&nbsp; regulatory clarity for stablecoins. If legislation on stablecoins is passed, this could open the door for more institutional involvement in stablecoins and tokenized assets.As I mentioned earlier, banks won’t participate if there's not clear regulation out there. That's why Citi focused on CTS first. Being able to automate that whole fiat side of it, to have that be 24/7/365 is definitely needed in all digital asset markets.But as we saw with the growth in the ETF market once the SEC approved it, I expect demand to continue to grow as more large enterprises enter this space.Ghose: The coming years will be pivotal for tokenization, digital assets, and institutional crypto adoption.Rugg: Absolutely. We’re just scratching the surface of what’s possible. &nbsp;

The digital asset landscape is evolving fast, with institutional adoption accelerating as regulations take shape. In this Q&amp;A, Citi Institute’s Ronit Ghose speaks with Ryan Rugg, Head of Digital Assets for Citi’s Treasury and Trade Solutions, about key developments in tokenization, blockchain, and regulatory shifts driving institutional adoption. We explore how smart contracts, automation, and tokenization have the potential to reshape financial services.

How Tokenized Payments are Enabling Real-Time Liquidity

Please join us on 26 June at the Citi Institute Future of Finance Forum, formerly Citi’s Digital Money Symposium.The focus will be on the future of finance and the impact of AI, blockchain, quantum, and more.Guest speakers include Caroline Pham, Acting Chairman of the US Commodities Futures Trading Commission and a leading voice in global digital assets. &nbsp;<span style="-webkit-text-stroke-width:0px;box-sizing:border-box;font-family:sans-serif;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Register to attend online,&nbsp;<a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(37, 91, 227);cursor:pointer;font-family:Citi-Sans-Text-Regular;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;outline:0px;text-align:start;text-indent:0px;text-transform:none;transition:color 0.2s cubic-bezier(0.6, 0, 1, 1);white-space:normal;widows:2;word-spacing:0px;" href="https://citi-institute-future-of-finance-forum-2025.open-exchange.net/welcome" target="_blank" rel="noopener" data-link-source="tiny">click here</a>

12:00: Registration & Lunch

13:00: Welcome Remarks

13:10: Keynote address from Caroline Pham, Acting Chairman of the Commodity Futures Trading Commission

Securing trust using the latest AI tools in a digital world where seeing no longer means believing.

13:35: Deepfakes & Fraud

Exploring the infrastructure powering real time finance in a world where money never sleeps.

14:20: 24/7 World

Who will win between CBDCs, deposit tokens and stablecoins?

15:15: Digital Currency Wars

Turning Innovation into Practical Implementation.

16:00: AI Wow to How

Navigating AI, Digital Change and a Generational Shift

16:45: The Future of Wealth

17:30: Networking Drinks

Citi Institute Future of Finance Forum will take place in London on 26th June 2025.


Citi Institute Future of Finance Forum

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