Citi’s fintech accelerator was focused on addressing issues focused on three major themes: seamless payments and receivables; the future of open banking; and data empowerment.
The three-day event saw over 3,500 firms join to provide solutions for over 40 problem statements in three countries – Australia, China and Korea – according to a statement. Over 100 colleagues from Citi’s treasury and trade solution (TTS) business alongside the Citi Innovation Lab collaborated to develop ‘proofs of concept’ with selected fintechs.
«Citi’s engagement with FinTechs is significant and growing,» said Scott Southall, Citi’s APAC head of innovation for TTS.
«Initiatives like the Mega FinTech Accelerator complement our global network and extensive product development efforts by solving for last-mile gaps and providing tangible value to our clients.»
Fintech Finalists
The initial pool was further shortlisted to 140 firms before 12 finalists were selected. Partnerships concluded in the region include Payoo in Vietnam for a ‘last-mile’ digital solution and Jocata in India for a know-your-client solution.
«Through initiatives like the Mega FinTech Accelerator, we hope to be able to contribute to the growth and development of the FinTech ecosystem in Asia Pacific,» said Rahul Verma, TTS’s APAC director of innovation for global client co-creation lead.
«Our recent program is a great example of open innovation, helping Citi deliver next-generation experiences for our clients while engaging colleagues from across our businesses in Asia Pacific.»
