Citi announced today the launch of the Citi Middle East and North Africa (MENA) Fintech Challenge.
The Citi MENA Fintech Challenge offers the region’s Fintech community the opportunity to put their ideas into practice and come up with innovative solutions around four identified problem statements, digitising cash collections, assured payments, B2B2C enablement, and digitising trade processes.
“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,” said Treasury and Trade Solutions Head, MENAPT, Citi, Emre Karter.
“By offering the Fintech community the opportunity to showcase their ideas, we hope to contribute to the development and growth of Fintech companies in the region,’’ added Karter.
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 9th September, 2019. Finalists will also be invited on 10th September, 2019 to Global Finance’s Digital Bank & Innovator conference in Dubai, UAE. Finalists will be awarded an opportunity to work with Citi in developing a market-ready solution by March 2020.
Citi’s Treasury and Trade Solutions (TTS) enables our clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organisations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 98 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
On a different note, the group also announced its renewed commitment to supporting the Skills for Success: Employability Programme, with AMIDEAST, through a regional grant worth $400,000 targeting underserved youth in Egypt (200K) and Saudi Arabia (200K). The partnership is part of the Citi Foundation’s Pathways to Progress approach designed to prepare urban youth with the career readiness tools and opportunities to thrive in today’s economy.
In 2019, in Egypt, the entrepreneurship programme will provide training and ongoing support to help participants develop and launch a business. AMIDEAST anticipates that the quality and relevance of intervention will enable a high proportion of participants to secure meaningful and sustained employment or self-employment following the programme. Formal training will total 216–285 hours of instruction depending on the track and the country, in addition to internships that further prepare employability track participants for the workplace and mentoring and/or coaching for
entrepreneurship participants. AMIDEAST will work with local partners in Egypt (Cairo, Giza, and Qaliubiya).
This programme is led by the philanthropic efforts of the Citi Foundation and strengthened by the active involvement of Citi volunteers acting as mentors and workshop facilitators.
“We are proud to partner with AMIDEAST and to invest in youth in the region through targeted empowerment programmes,” said CEO of Citi Egypt, Mohamed Abdel Kader, adding, “Such programmes catalyse economic growth through Citi Foundation grants and in partnership with reputed regional NGOs.”