Citi Mega FinTech Accelerator Explores Digital Economy Solutions
(27 November 2020 – Asia Pacific) Citi hosted a virtual three-day Mega FinTech Accelerator, featuring teams from 12 fintech firms who presented solutions for the digital economy across three areas – Seamless Payments & Receivables, Future of Open Banking and Data Empowerment.
Designed to explore and accelerate the delivery of innovative solutions for clients, the Mega FinTech Accelerator focused primarily on three countries – Australia, China and Korea. Over 40 problem statements were identified in this initiative led by the Treasury and Trade Solutions Innovation Lab in Singapore.
The 12 finalists were selected after an initial outreach to over 3,500 fintech’s globally and from a shortlist of 140 firms. A FinTech of the Day was named for each theme, recognising the potential impact and effectiveness of their solution.
In Seamless Payments & Receivables, Australian FinTech Azupay stood out with a solution which enables businesses to use QR codes to accept and reconcile payments in real-time from their end consumers by leveraging Australia’s New Payments Platform.
India-based FinTech Omniscient was named Open Banking FinTech of the Day for its Liquidice product – a multi-entity, multi-bank, open banking solution that facilitates a single view of banking accounts and cash forecasts. It also enables automated fund movements for account balancing and cash concentration in real-time.
Data Empowerment FinTech of the Day was Chinese firm Hexasino. Leveraging AI, Hexasino showcased a system that enables users to set customisable inspection rules based on new and updated regulations that are automatically captured by the system. The system enables simplified and efficient regulatory requirement updates and auto-compliance for payment transactions.
“Citi’s engagement with FinTech’s is significant and growing. Initiatives like the Mega FinTech Accelerator complement our global network and extensive product development efforts by solving for last-mile gaps and providing tangible value to our clients. The problem statements we chose to focus on represent consistent themes across multiple markets. As the payments landscape continues to evolve at an ever faster pace, partnership with FinTech’s become increasingly important,” said Citi Treasury and Trade Solutions Asia Pacific Head of Innovation Scott Southall.