Citi Finishes Asian Fintech Beauty Parade

Hong KongHong Kong

Global bank Citi is continuing its Fintech beauty parade.

The latest leg of the Asia Pacific Citi Mobile Challenge (CMC), the next-generation accelerator program, has just hosted its fourth demo day in Asia at the Hong Kong Science Park today. Hong Kong comes after Bengaluru, Singapore, and Sydney.

Working prototypes from 18 finalist teams from five markets put their best foot forward in front of around 200 people including Citi executives, senior representatives from leading corporations, incubators, venture capitalists, and key influencers. Its December when the lucky winners get notified. They will share a proportion of US$100,000 in cash, a suite of services, mentoring, accelerator programmes and office space. Oh yes, and maybe some investment, although that was mentioned at the end of the long sentence included within Citi’s official statement.

Since the launch of the challenge last August, a total of 1,900 groups from 376 cities have peddled their wares.

Citi’s Asia Pacific CEO Francisco Aristeguieta trilled: “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.”

This sentiment was underscored by Citi Country Officer & Chief Executive Officer (Hong Kong and Macau) Weber Lo: “We are honored that Hong Kong has been selected as one of the four cities in Asia Pacific to host the Citi Mobile Challenge demo day. The event underscores Hong Kong’s position as an emerging FinTech hub and the timing coincides well with the welcoming news on the recent approval of funding to establish the Innovation and Technology Bureau as the Hong Kong Government pledges to foster a FinTech-friendly environment in the city.”

Nor was Global Digital Acceleration Head for Citi Jorge Ruiz going to be out-done: “Through Citi Mobile Challenge, we are reaching out to developers in a ground breaking way with the ultimate goal of improving client experiences. With overwhelming submissions from across Asia and around the world, we are building strong relationships with developers, connecting them with business leaders and accelerating their ideas.”