Citi rolls out innovation challenge
American banking giant Citigroup has launched in Asia-Pacific a competition that seeks to pick the best brains in the technology space to foster digital and mobile innovation in banking.
Citi has announced the launch of Citi Mobile Challenge, a next-generation accelerator that combines a virtual hackathon with an incubator, a worldwide network of FinTech experts and Citi’s unparalleled global sponsors and clients to discover solutions across more than 100 markets.
Developers from Asia Pacific and around the world are invited to build innovative solutions that are capable of running on Citi’s digital platform globally.
Registration for the challenge will begin on August 19, and selected participants will demonstrate their concepts at events in Bangalore, Hong Kong, Singapore, and Sydney, the bank said in a press statement.
“From credit cards to ATMs (automated teller machines), Citi has a history of embracing new technologies to transform how it serves clients. In Asia, recent examples of Citi’s legacy of innovation include the launch of Citi Smart Banking and the Citibank Express – new innovations that have since been rolled out globally. Asia is home to a fast growing FinTech community, and this initiative will help accelerate and uncover new and exciting opportunities for Citi to develop transformational approaches to banking,” said Francisco Aristeguieta, Citi’s Asia Pacific chief executive officer.
“Through Citi’s digital acceleration program we have been unleashing the power of the tech community, developing new solutions and challenging ourselves on how we reimagine banking,” said Heather Cox, chief client experience, digital and marketing officer for global consumer banking at Citi. “Citi Mobile Challenge has helped us connect with top developers across the world, and we are excited to bring this opportunity to Asia Pacific.”
A panel of industry experts and financial technology leaders will evaluate the solutions at each event. Finalists will compete for an opportunity to take their technologies into production with Citi’s support, a share of $100,000 in cash awards and a suite of services from Citi Mobile Challenge sponsors, including the opportunity to participate in accelerator programs and receive mentoring, office space and investment.
Citi Mobile Challenge (www.citimobilechallenge.com) in Asia Pacific follows successful launches in Europe, Middle East and Africa (EMEA) earlier this year and in Latin America and the U.S. in 2014. Across the three programs, Citi received nearly 2,000 submissions from more than 100 countries and hosted events in Buenos Aires, Bogotá, Silicon Valley, New York, Miami, Nairobi, Jerusalem, Warsaw and London. Citi said it’s currently working with several top innovations from previous challenges to launch pilot solutions for consumer and business clients in various markets.
“Citi is deepening our engagement with developers and connecting directly with new innovation hubs to integrate new solutions into our digital business in markets all over the world. The Mobile Challenge in Asia will help Citi uncover fresh approaches to expanding financial inclusion through technology,” said Jorge Ruiz, digital acceleration global program head at Citi.
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