Citi to foster start-up growth through incubation program

BANGALORE, INDIA: Foreseeing a future with cashless ecosystem, Citi has fostered digital and mobile innovation in the banking, payments and e-commerce ecosystem, in collaboration with IBM, Wipro, Amazon and Microsoft Ventures. As a start, the Citi Mobile Challenge is open to start-ups, developers, tech companies and students to create solutions across the ecosystem.

“The 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.The challenge, which will be held first time in India will reach out to the start-up community to create real-world, open-ended solutions, with the option to use a variety of application program interfaces (APIs) from the bank and other financial and technology companies.

The company will also implement the solutions at the end of the program.

Citi is seeking new perspectives and solutions that address clients’ banking, e-commerce and transaction needs, and expects to receive 1,000 participants.

Finalists will compete for $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.

A panel of industry experts and financial technology leaders will evaluate solutions during the Demo Day events to be held in Bangalore, Singapore, Sydney and Hong Kong.

The India finale will be in Bangalore on November 3, 2015. Interested participants can register until September 2, 2015.