Dubai, UAE Citi today announced the winners of the MENA Fintech Challenge: Fawry, PaySky, Octet and Wipro Limited and Traydstream.The Citi MENA Fintech Challenge offered the region’s Fintech community the opportunity to put their ideas into practice and come up with innovative solutions around four identified problem statements: Digitizing Cash Collections, Assured Payments, B2B2C Enablement, and Digitizing Trade Processes.
“This challenge was an important milestone for Citi. We were very impressed with the quality of the applications and proposed solutions around the problem statements. It gives me great pleasure to see the innovation and fast-paced development in the fintech space in the MENA countries and how their ecosystems evolve to further support them,” said Emre Karter, Treasury and Trade Solutions Head, MENAPT, Citi. “By offering the fintech community the opportunity to showcase their ideas, we hope to contribute to the development and growth of fintech companies in the region.’’
The winners in each category include:
1. Digitizing Cash Collections : Fawry is the leading fintech platform based in Egypt, offering financial services to consumers and businesses in the MENA region, used by 25 million consumers, processing more than 2.5 million transactions on a daily basis.
2. Assured Payments : Octet is a pioneering supply chain management and financing portal for both large corporations and small & medium enterprises (SMEs) based in Turkey. It aids SMEs and large corporations by shortening the cash cycle for sellers and lengthening for buyers.
3. B2B2C Enablement : PaySky is the next-generation electronic payments solutions provider, building the payments infrastructure enabling the new digital economy across Africa & the Middle East. With a Vision of "Democratizing e-payments", PaySky empowers financial institutions, businesses and consumers remit, pay and get paid.
4. Digitizing Trade Processes: Wipro limited, a leading global information technology, consulting and business process services company and Traydstream, a rapidly growing fintech with multi-cloud-enabled trade automation platform, based in London, have joined hands to enable a cloud-based trade finance automation platform. Wipro and Traydstream’s joint proposition enables a modular technology that digitizes and stores trade finance documentation, extracting the data intelligently. Based on machine learnt experience, it also validates the transaction documentation against a vast, evolvable library of trade rules and compliance
In the lead up to the MENA FinTech Day, Citi reached out to more than 1,000 fintechs in the region, calling for solutions that could address one or more of the four identified problem statements. An initial shortlist of 60 applicants were invited to pitch to Citi panelists in workshops held across the region in five cities: Dubai (UAE), Karachi (Pakistan), Cairo (Egypt), Amman (Jordan) and Istanbul (Turkey), before the final eight teams were chosen (two per problem statement). Each team was paired with a Citi mentor to fine-tune their pitch and solutions before the MENA FinTech Day. As part of MENA FinTech Day, each team presented a pitch and solution demo before a Citi judging panel. Citi will work with the four winners on a proof of concept and use cases.
Citi’s Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 98 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
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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