With fintech trends like cryptocurrency and decentralized payments applications shaping the future of our economy, it is imperative that a healthy section of the entrepreneurial and developer community be involved in this domain. With this in mind, Citibank has launched the Middle East and North Africa (MENA) Fintech Challenge and officially invited Pakistan to compete in it.
The competition is essentially an opportunity for the community of developers, fintech enthusiasts and entrepreneurs in our region to implement and scale up their innovative fintech solutions. The challenge is going to revolve around four main problems, namely digitized cash collections, assured payments, B2B2C enablement and digitizing trade processes.
According to Citi Treasury and Trade Solutions Head Emre Karter, the competition is a significant step towards realizing fintech solutions for global problems.
“We are calling Fintechs with relevant innovative solutions, ranging from existing enterprises to early stage start-ups, to participate in this challenge. The launch of this challenge is an important milestone in our quest to uncover innovative solutions for our clients”, he said.
The shortlisted applicants will have the opportunity to collaborate with the Citi Treasury and Trade Solutions (TTS) on the aforementioned problems and subsequently, display their innovative solutions to a group of executive sponsors at the Citi MENA Fintech Challenge Day on the 9th of September this year.
The finalists will eventually be invited to the Global Finance’s Digital Bank & Innovator conference in Dubai, UAE on the 10th of September, where they will be awarded the grand opportunity to work with Citi in producing a market-ready solution by March 2020.
With banking licenses in over 98 countries, Citi TTS works on providing innovative and customized cash management and trade finance services to a plethora of multinational corporations and public sector organizations.
You can learn more about the competition as well as the submission details over here.