Citi has announced the winners of its Citi Mobile Challenge for Europe, the Middle East and Africa (EMEA). Among the recognized projects, GetGems, a mobile bitcoin wallet and messaging app, received the award for “Most Visionary Social Media Solution,” while Billon, a peer-to-peer blockchain-based payments platform, took the prize for “Most Innovative Blockchain Solution.”
Launched in February, the Citi Mobile Challenge in EMEA aimed to inspire developers worldwide to build forward-looking digital finance solutions, with the added prospect of bringing successful prototypes into production with Citi’s support.
The competition drew teams from 18 countries and produced 77 working prototypes. The final winners were announced on May 28 after a series of Demo Days held in Nairobi, Jerusalem, Warsaw and London.
“Selecting the top innovations was a challenge,” said Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking at Citi. “We invited technology developers to reimagine digital banking and they went far beyond.”
“The quality of the ideas was exceptional and we saw a tremendous variety of solutions at our Demo Days in Nairobi, Jerusalem, Warsaw and London. These developers can help us transform banking and fuel progress across other industries. We are so excited to work with them.”
The winners were chosen from more than 700 registrations spanning 101 countries and were celebrated for creating “a truly distinctive client experience,” according to Jim Cowles, CEO of Citi for Europe, the Middle East and Africa.
Reflecting on the rapid evolution of financial technology, Cowles added:
“As banks continue to redefine themselves, they must work with the broader FinTech community to discover fresh ideas that can help create the client experience of tomorrow. That’s why we’re here and that is what will help determine our long-term success.”
Citi is not alone in partnering with startups and exploring blockchain and fintech innovation. For example, Startupbootcamp FinTech, an accelerator supported by Singapore’s central bank and DBS Bank, selected three blockchain startups for its 2015 program. Like Citi’s challenge, Startupbootcamp offers finalists seed funding, industry mentorship, exposure to venture capital and angel investors, and assistance to take products to global markets.
Meanwhile, major financial institutions have also invested directly in the fintech ecosystem: banks such as Goldman Sachs, USAA and BBVA have made substantial investments in companies like Circles and Coinbase, signaling broader industry interest in digital currencies and blockchain-based services.