Citi Treasury and Trade Solutions

MENA Fintech Challenge

Citi Treasury and Trade Solutions (TTS) Middle East & North Africa (MENA) is pleased to announce the launch of a MENA Fintech Challenge, an opportunity for Fintechs to participate and demonstrate their solutions around several identified problem statements.

CHALLENGE DETAILS

The MENA Fintech Challenge is inviting Fintechs from the region who are focused on addressing the following key client challenges:

  1. Digitizing Cash Collections: As a CFO of a large retail company, when I sell my products to distributors or retail shops who make their payments in physical cash (coins and currency notes) and cheques, I would like to have a solution to replace cash with digital alternatives such as Mobile Wallets, Cards, Prepaid etc.

  2. Assured Payments: As a CFO of a large retail company, when I collect my receivables from the distributors to whom I’m selling my products, I would like to debit my distributor's bank account directly, and be assured that the funds in the distributor's accounts are reserved / assured towards such payments.

  3. B2B2C Enablement: As a CFO of a large diversified company, I am interested in paying my suppliers using a credit card. Acceptance of cards as a payment instrument is a constant challenge for my suppliers, especially given the need for POS Machines or Online Payment Gateways. We are looking for multi-market credit card solutions to ensure that credit cards can be leveraged as the primary payment type across the spectrum of our suppliers in MENA.

  4. Digitizing Trade Processes: As a CFO of a large export company operating out of MENA with regular import and export consignments, I am aware that the cumbersome processes associated with trade documents is a major reason for delays with my bank. I am interested in leveraging a solution that enables my company to digitally collect all my trade documents from each counterparty (i.e. shipping line, insurance company etc.) and delivers them seamlessly to my bank, in addition to helping reduce the turnaround time.

We are calling all Fintechs with relevant innovative solutions, ranging from existing enterprises to early stage start-ups, to participate in this Challenge.

Citi will vet the submissions through calls, in-person meetings and evaluations of your solutions over the coming months. Shortlisted Fintechs will get the opportunity to work with Citi TTS on these challenges and showcase their designed solutions to executive sponsors at the Citi TTS 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.

Global Finance magazine’s Digital Banks & Innovators Conference 2019 will look at digital opportunities and how banks can utilize technology to help mitigate many of the region’s biggest challenges. With 300+ senior level executives - from banks, fintechs, technology and business consultancies, government bodies and funding organizations in attendance - the event presents an opportunity to connect and be inspired by industry peers either during panel discussions, networking breaks or via live demos that will be on show throughout the day.

DATES TO REMEMBER

Last date of Submission 10th July 2019
Shortlisted Fintechs to be notified 1st August 2019
Engagement & Virtual Collaboration 1st August to 8th September 2019
Citi MENA Fintech Challenge Day 9th September 2019 at Dubai, UAE
Global Finance Conference 10th September 2019 at Dubai, UAE

Submit your proposal by completing the form below

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Please remember to submit your Proposed Solution document from the same email address provided on this form, to the attention of Prakash Thontiya & Taner Tunali @ menafintechchallenge@citi.com .

Please remember to click the submit button to send your information and questions to the Citi team.

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