New York / London Today Citi announced the top innovations from the Citi Mobile Challenge in Europe, the Middle East and Africa (EMEA). This global initiative launched in EMEA in February and invited developers to build solutions based on Citi's digital platform and present concepts at events in Jerusalem, London, Nairobi and Warsaw.
Solutions that will receive a cash award of $25,000 each include "Swave" from Swave, "Umati Supply Chain Finance Solution" from Umati Capital, "The Kytabu app" from Kytabu Inc. and "Trade It" from Trade It.
"Each award recipient demonstrated a maniacal focus on creating a truly distinctive client experience. Without that focus it will be difficult to be successful over the long-term," said Jim Cowles, CEO of Citi for Europe, the Middle East and Africa. "As banks continue to redefine themselves, they must work with the broader FinTech community to discover fresh ideas that can help create the client experience of tomorrow. That's why we're here and that is what will help determine our long-term success."
"We invited technology developers to reimagine digital banking and they went far beyond," said Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking at Citi. "They presented solutions that could transform financial services and fuel progress in other industries like transportation and education. These developers are truly inspiring. Selecting the top innovations was a challenge and we are excited to explore bringing their solutions to market."
Teams from 18 countries presented 77 working prototypes to Citi executives and technology influencers at four Demo Days in April held in Jerusalem, London, Nairobi and Warsaw. Finalists competed for an opportunity to take their technologies into production with Citi's support, plus a share of $100,000 in cash awards and a suite of services from Citi Mobile Challenge sponsors. Entries were evaluated on their impact, viability, user experience and functionality.
Citi Mobile Challenge EMEA Award Recipients:
Citi Mobile Challenge sponsors IBM, MasterCard and Uber also contributed awards to the program and named their recipients.
IBM awarded the "Most Innovative Use of Bluemix" to one team from each Demo Day. Entrepreneurs and start-ups will receive access to the IBM Global Entrepreneur Program for Cloud Start-ups with $12,000 of IBM Cloud credit - and eligibility of up to $120,000 of free IBM Cloud credit - while other recipients will be eligible for as many as 80 hours of technical support and assistance over six months. The IBM award recipients are:
MasterCard announced several award recipients, four of whom will be awarded a week-long immersion and mentorship program in MasterCard's European startup engagement program; Start Path Europe, based in Dublin, and one of them will be given the opportunity to pitch for a spot in the next intake class of MasterCard Start Path Europe. MasterCard Start Path Europe provides: mentorship from a global pool of; MasterCard experts; introductions to MasterCard partners to explore pilot opportunities; and the ability to leverage existing MasterCard solutions.
First held in Latin America and the U.S. in 2014, the Citi Mobile Challenge has received participation from thousands of developers across 101 countries. "We are so pleased with the response we have received in Latin America, the U.S., Europe, the Middle East and Africa," added Jorge Ruiz, Digital Acceleration Global Program Head, Citi (Global Consumer Bank). "Citi plans to expand the Mobile Challenge to Asia later this year to deepen developer engagement, connect directly with new innovation hubs, and uncover fresh approaches to expanding financial inclusion through technology."
For more information about Citi Mobile Challenge, visit www.citimobilechallenge.com and follow along on social media: #CitiMobileChallenge.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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