Citi receives 'overwhelming' response in India for the Asia Pacific Citi Mobile Challenge
Participants represented a wide range of segments comprising of individuals from the start-up community, large and mid-sized corporates as well as the student community.
India’s demo day saw 20 teams present their solutions in Bengaluru for the Asia Pacific Citi Mobile Challenge (CMC).
Citi identified rapid adoption of the digital lifestyle by the Indian consumer leading to an increased need for digital solutions in e-commerce, transactions and instant customer services and is therefore the first bank in India to launch such a challenge.
CMC also supports the Indian Government’s focus on several key programs aimed to digitize the economy and foster entrepreneurship.
“We are delighted that this unique cross-industry innovation platform created by Citi Mobile Challenge has generated such a high level of interest and participation. The power of this platform is to direct the entrepreneurial energy of India into relevant business and social innovation, leveraging today’s powerful digital technology,” said Kartik Kaushik, Country Business Manager, Global Consumer Bank, Citi India.
The registration number in Asia Pacific and, specifically India, sets a new record for the CMC. Demo days are being held in Singapore on November 6, Sydney on November 10 and Hong Kong on November 12. Teams are presenting working prototypes at these events and their concepts will be evaluated by a group of Citi executives and technology influencers with the potential to bring winning solutions to market. Developers submitted solutions that range across every area of banking and FinTech including Mobile Payments, Investment Banking, Wealth management, B2B Services, Financial Inclusion and Financial Literacy, authentication and Savings and Personal Financial Management. Participants are presenting solutions for mobile apps and interconnected devices, including wearables.
“The Citi Mobile Challenge is fostering the development of the next generation of FinTech solutions. From credit cards to ATMs, Citi has a history of embracing new technologies to transform how it serves clients. This region is home to a fast growing FinTech community and this strong support for the Asia leg of the challenge will help accelerate and uncover new and exciting opportunities for Citi to develop transformational approaches to banking,” said Francisco Aristeguieta, Citi’s Asia Pacific CEO.
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