Citi named GetGems and Billon as the top prize winners from its Mobile Challenge spanning Europe, the Middle East and Africa. GetGems, a mobile bitcoin wallet paired with messaging capabilities, captu
Citi named GetGems and Billon as the top prize winners from its Mobile Challenge spanning Europe, the Middle East and Africa. GetGems, a mobile bitcoin wallet paired with messaging capabilities, captured the "Most Visionary Social Media Solution" award. Billon, which built peer-to-peer blockchain-based payment infrastructure, took the "Most Innovative Blockchain Solution" designation.
The bank launched the challenge in February and closed submissions on May 28. Teams from 18 countries submitted 77 working prototypes, drawn from over 700 registrations spanning 101 countries. Citi held Demo Days in Nairobi, Jerusalem, Warsaw and London to evaluate candidates.
"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."
Jim Cowles, CEO at Citi for Europe, the Middle East and Africa, said the booming fintech sector had forced banks to rethink their approach. "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," he said. The bank chose the winners for "creating a truly distinctive client experience."
Citi isn't alone in supporting financial innovation and blockchain technology. In April, Startupbootcamp Fintech, an accelerator backed by Singapore's central bank and DBS Bank (the largest bank in Southeast Asia), selected three blockchain startups for its 2015 program. The accelerator offers seed funding, mentorship from industry veterans, introductions to venture capital firms and angel investors, and help launching products to global markets.
Goldman Sachs, USAA and BBVA poured capital into companies like Circles and Coinbase.
