A total of 14 finalist teams, selected from close to 200 submissions from 14 markets, presented their working prototypes at the Citi HK FinTech Challenge (The Challenge) Demo Day in Hong Kong.
The 14 solutions showcased at the Challenge addressed a wide range of banking topics, including cybersecurity, AML/compliance, authentication and digital identity, cards and payment, wealth management, and insurance, employing new technologies such as blockchain and artificial intelligence. The Demo Day was attended by over 600 people including Citi executives, senior representatives from leading corporations, academia, industry leaders and key influencers.
Ms. Angel Ng, Country Business Manager, Citibank Global Consumer Banking, said, “The response to the Challenge from the industry is beyond our expectation, and we are thrilled to have received close to 200 concept notes. The Hong Kong FinTech market is indeed very eager and ready to be taken seriously. As a participant in the ecosystem, we earnestly work with key partners such as Cyberport and HKMA to progress the development of FinTech and ensure Citi continues to support innovation and lead the future of banking.
“The 14 solutions showcased at the Demo Day were highly impressive as they answered many of the pain points that banks are facing in the digital era. We are hopeful that through further partnering with the winning companies and taking their solutions to the commercial level, this initiative will help to significantly enrich the digital experience of our clients and enhance our leading position in the FinTech ecosystem,” Angel added. The Challenge’s judging panel comprised Citi senior management, business partners and government officials, as well as FinTech influencers. Concepts and demos were evaluated on adaptability, business potential and user experience. At the Demo Day, Citi announced the top innovations from the Challenge and the solutions that will share a cash award of HK$650,000.
Launched in March 2017, the Challenge received an overwhelming response from the FinTech community, attracting close to 200 submissions from start-ups, FinTech companies and students from 14 markets. Participants were also supported by an interactive information session, mentorship program and mock demo exercise prior to the actual demo day to help them furnish their ideas, solutions and presentation. Citi HK FinTech Challenge is the first accelerator program supporting the Hong Kong Monetary Authority x Cyberport Haccelerator initiative, with an aim to enable the Hong Kong developer community to put their ideas into practice, and help them create real-world innovations, which could function with existing Citi technology and minimal connectivity integration.