Citigroup joins hunt for fintech innovators in Hong Kong to help further transform banking

American banking giant Citigroup has launched a new accelerator programme in search of innovative, financial technology focused software developers and start-ups in Hong Kong and other markets in Asia-Pacific.

Citi Mobile Challenge Asia-Pacific, part of a global initiative that was introduced in the United States, Argentina and Colombia last year, is a next-generation accelerator that aims to dig up promising young firms to help transform the way banking operations are conducted.

It combines a competition with a business incubator scheme to ensure those start-ups with the most potential get the opportunity to take-off. Registration for the upcoming contest will run from August 19 to September 2, the company said.

“Asia is home to a fast-growing fintech community, and this initiative will help accelerate and uncover new and exciting opportunities for Citi to develop transformational approaches to banking,” Weber Lo, Citi’s chief executive for Hong Kong and Macau, said on Thursday.

The company is connecting directly with new innovation hubs to “integrate new solutions into our digital business in markets all over the world,” said Jorge Ruiz, who heads up the digital acceleration global programme at Citi’s consumer banking operation.

New York-based Citi is not the first major player to step into Hong Kong’s jostling market of local and foreign incubators in the tech field that are bidding to discover advanced apps and services designed to improve efficiency.