Citi launches MENA FinTech challenge

Citi announced yesterday the launch of the Citi Middle East and North Africa (MENA) FinTech Challenge. The FinTech challenge offers the region’s FinTech community to put their ideas into practice and come up with innovative solutions around four identified problems: Digitizing Cash Collections, Assured Payments, B2B2C Enablement and Digitizing Trade Processes.

“The launch of this challenge serves our quest to uncover innovative solutions for our clients,” said Usman Ahmed, Head of Citi for Bahrain, Kuwait and Qatar. Shortlisted FinTechs will get the opportunity to work with Citi Treasury and Trade Solutions on these challenges and showcase their designed solutions to executive sponsors at the Citi MENA FinTech Challenge Day on the 9 September 2019.

Finalists will be invited on 10 September 2019 to Global Finance’s Digital Bank & Innovator conference in Dubai, UAE. Finalists will also be awarded an opportunity to work with Citi in developing a market-ready solution by March 2020. Yasmeen Al-Sharaf, Head of FinTech & Innovation Unit, at the Central Bank of Bahrain commented: “We look forward to having Bahraini FinTech’s participate in this challenge.”

The last date of submission is 10 July 2019 and the shortlisted candidates will be notified on 1 August 2019. Engagement & Virtual Collaboration will be held from 1 August to 8 September 2019. Citi MENA FinTech Challenge Day will be held on 9 September 2019 and Global Finance Conference on 10 September 2019 Khalid Saad, CEO of Bahrain FinTech Bay said: “The Citi MENA FinTech Challenge presents a fantastic opportunity for Bahrain FinTech Bay’s and Bahrain’s ecosystem to address problem statements from one of the world’s leading financial institutions”.