Citi to Create a Platform for Innovation to Flourish in India with Citi Mobile Challenge


Bengaluru – Citi today announced it is creating a platform for innovation to flourish in India with the launch of Citi Mobile Challenge. This is part of Citi’s drive to foster digital and mobile innovation in the banking, payments and e-commerce ecosystem in collaboration with leading companies and institutions as sponsors. Citi Mobile Challenge is open to start ups, developers, tech companies and students to

create solutions across the ecosystem and is supportive to the Indian Government’s focus on several key

programs aimed to digitize the economy and foster entrepreneurship.

“The consumer is experiencing the impact of rapid urbanization and digitization in India. This, coupled with the Government’s strong focus on creating solutions on the digital highway to permeate into middle India, is resulting in the need of innovative solutions across industries. Indian banking is at the forefront of leading this digital wave across payments and e-commerce transactions. The Citi Mobile Challenge is aimed at harnessing the talent and agility of the developer and start-up community in India to create affordable, accessible and transparent solutions for consumers,” said Kartik Kaushik, Country Business Manager, Global Consumer Bank, Citi India.

Citi has identified that rapid adoption of the digital lifestyle by the Indian consumer will lead 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. In India, Citi Mobile Challenge reaches out to the country’s start-up community, which is the fourth largest in the world, to create real-world, open-ended solutions, with the option to use a variety of Application Program Interfaces (APIs) from the bank and other leading financial and technology companies, capable of being run on Citi’s digital platform globally. Through this challenge, Citi is seeking new perspectives and delivering solutions that address clients’ banking, e-commerce and transaction needs. This approach adds value for developers and creates enhanced solutions for clients.

The Citi Mobile Challenge, the next generation accelerator program that combines a virtual hackathon with an incubator, a worldwide network of financial technology experts and Citi’s global sponsors and clients, is calling on developers across Asia Pacific to participate. Finalists compete for a share of U.S. $ 100,000 in cash awards, an opportunity to take their technologies into production with Citi's support and a suite of services from Citi Mobile Challenge sponsors, including accelerator programs, mentoring, office space and investment.

Citi Mobile Challenge in Asia Pacific follows successful launches in 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.

A panel of industry experts and financial technology leaders will evaluate solutions and concepts demonstrated by participants at Demo Day events to be held in Bangalore, Singapore, Sydney and Hong Kong. The India finale will be in Bangalore on November 3, 2015. Those interested in participating can  register at www.CitiMobileChallenge.com until September 2, 2015. To follow along on social media: #CitiMobileChallenge.

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