Citi Wakes Up to Startups

Has launched a accelerator programme that will combine a virtual hackathon with an incubator
In his annual letter to share holders in April, JP Morgan Chase CEO Jamie Dimon warned of a wave of dis ruption in the traditional banking sec tor originating from startup hubs such as Silicon Valley. “Silicon Valley is coming,“ he warned.Thinking alike, SBI made a trip to Bengaluru and sat in the front rows of a startup session listening to how dis ruptive technologies and fledgling ventures are making their presence felt in the financial services industry.

“We were surprised to see how these people are developingworking on technologies to solve some of the problems we didn’t even know exist ed,“ SBI CIO Mrutyunjay Mahapatra told ET. Traditional, stodgy lenders for long have dominated the financial services space and controlled most as pects of lending, payments and in vestments. With the emergence of new-age fintech startups and the ad vent of mobile and internet banking, tech-savvy consumers have been pre sented with alternatives for financial solutions that have the potential to significantly disrupt traditional banking. Which is why they are ac tively engaging with startups to avoid disruption from payment banks, mo bile wallets, new-age financial tech nology startups and crypto-curren cies such as Bitcoin.

On Thursday, Citi launched a corpo rate accelerator programme for the AsiaPacific region to engage actively with star tups from countries like India. The 8-10 week accelerator programme, called the Citi Mobile Challenge, will combine a virtual hackathon with an incubator and Citi is inviting developers from all across the region to participate in this programme.

Citibank India’s head of consumer banking Kartik Kaushik said that the bank had already started engaging with a number of startups in India.

“This is the first time we’re opening up APIs,“ he said, referring to the software tools that allow building of applications. “We’ve taken a long time to get here, but it’s always better late than never.“

For this exercise, Citi is partnering with a number of Indian and multinational corporates to help handpick startups in sectors such as ecommerce and payments. IBM, Google, Amazon Microsoft Ventures, PwC Wipro and Nasscom’s 10,000 startups programme are among those who have signed up as partners for this initiative. HDFC Bank has tried to cash in on the digital boom with its PayZapp app that combines deals and offers from online retailers with its payment solution. It has also bought a minority stake in auto classifieds portal CarDekho.

Source: The Economic Times
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Author:

Neeraj; an entrepreneur & a visionary in the field of Railway, Defense & Automobiles, is a graduate in commerce and a Harvard Business School Alumni. He’s an expert in govt. liasoning & contracting and has an exceptional network & connections at both local as well as global level. He’s an expert in Market Strategy & Planning and has served number of overseas companies as an advisor/consultant. He takes a profound interest in upcoming startups & is very receptive towards ground-breaking ideas & innovations. He likes to brainstorm those ideas and if the values & philosophies matches; he is even ready to invest his resources, serve as a mentor or act as an incubator to futuristic businesses.

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