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FINANCIAL SERVICES | Staff Reporter, Singapore

Citi selects Singapore as demo country for FinTech initiative

It is targeted for the public sector.

Citi has selected Singapore as one of the countries to hold a Demo Day for its latest global FinTech initiative, the Citi Tech for Integrity Challenge (T4I), targeting the public sector.

T4I is structured as a global open innovation competition, where companies of any type or size can submit tech solutions for specific challenges facing public sector companies such as government transactions and procurement; culture, ethics, and citizen engagement; cutting red tape; and information security and identity.

Through T4I, Citi works with public and private sector allies to facilitate exchange between public sector entities and tech innovators aimed at developing solutions for process transparency and efficiency. T4I also provides the support and infrastructure that tech innovators need to tailor their technology solutions for the public sector.

The Monetary Authority of Singapore (MAS) has committed to support the initiative as a RegTech Contributor for the event, which will be held on June 9.

“We believe that this initiative will forge closer collaborations and further strengthen the ecosystem in Singapore’s agile sandbox environment,” said Amol Gupte, Head of ASEAN and Citi Country Officer for Singapore.

Sopnendu Mohanty, Chief FinTech Officer of MAS, echoed Gupte’s sentiments, saying that the T4I initiative can further promote integrity and enhance anti-corruption initiatives. “This can contribute to Singapore’s Smart Financial Centre aspirations, harnessing technology to increase efficiency, create new opportunities, manage risks better, and improve people’s lives,” he added.

Citi has recently released the results of a two-month crowdsourcing survey of more than 150 individuals across public, private, and non-government organizations around the globe to identify Integrity Pain Points on which developers should focus their efforts. The top issues raised include beneficiary eligibility; tax administration, including collection and identity; transparency in the procurement process; allocation of public funds; and tools to increase transparency and fight corruption.

Under the initiative, selected participants will enroll in a virtual accelerator program, which will provide mentoring, curriculum, and infrastructure support to help enhance their submissions. Finalists will showcase their solutions at one of the other five Demo Day locations around the world, including Abu Dhabi, United Arab Emirates; Buenos Aires, Argentina; Hyderabad, India; Dublin, Ireland; and Mexico City, Mexico.

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