Aug 18, 2015 10:06 Asia/Seoul Time Zone
Citi Mobile Challenge Launches in Asia Pacific selecting
  • - Digital Acceleration Program to reinforce connection with developers and fuel FinTech Innovation through Global Competition
    - Opportunities provided to developers from Asia Pacific including Korea to participate in solution for platform of global company
SEOUL--(Korea Newswire) August 18, 2015 -- Citibank Korea announced the launch of Citi Mobile Challenge in Asia Pacific including Republic of Korea, part of Citi’s drive to foster digital and mobile innovation in banking.

Citi Mobile Challenge is a next-generation accelerator that combines a virtual hackathon with an incubator, a worldwide network of FinTech experts and Citi’s unparalleled global sponsors and clients to discover solutions across more than 100 markets. Through this program, Citi will make available a variety of APIs from the bank and other leading financial and technology companies to help developers create real-world innovations that could function with existing Citi technology.

Developers from Asia Pacific and around the world will be invited to build innovative solutions that are capable of running on Citi’s digital platform globally. As the program is held in Asia Pacific, any individual or organizations in Korea that are highly interested in digital banking or fintech are eligible to participate in the program. And the digital team from Citi Mobile Challenge will try to pilot solutions which can be adopted and commercialized for the Korea platform by selecting Korea as an “incubation country”.A Citibank Korea official said, “As Citi is placing emphasis on digital banking, we hope fintech companies in Korea will take the opportunity to interact with developers from other countries and many related companies, and develop solution for platform of global company by participating in this challenge.”

Registration for the Challenge will extend from August 19 to September 2, and selected participants will demonstrate their concepts at events in Bangalore, Hong Kong, Singapore, and Sydney. Especially, finalists compete for an opportunity to win a share of US$100,000 in cash awards and a suite of services from Citi Mobile Challenge sponsors, including the opportunity to participate in accelerator programs and receive mentoring, office space and investment. A panel of industry experts and financial technology leaders will evaluate the solutions at each event. To maximize their chances of winning, Citibank Korea plan to help shortlisted companies prepare a presentation (e.g. thru presentation skill training and rehearsal aid) and hold local pitch day for Korea finalists

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. Citi is currently working with several top innovations from previous Challenges to launch pilot solutions for consumer and business clients in various markets. “The Mobile Challenge in Asia will help Citi uncover fresh approaches to expanding financial inclusion through technology," added Jorge Ruiz, Digital Acceleration Global Program Head, Citi.

For more information about Citi Mobile Challenge, visit www.citimobilechallenge.com and follow along on social media: #CitiMobileChallenge.
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