Citigroup one of the leading US banking companies has announced to launch a new corporate based program for Asia-Pacific region in order to provide a platform for the startup countries like India. The ‘Citi Mobile Challenge’ launched by the group aims to support mobile startups in the field of e-commerce system.
The program thus launched, will last for 8 to 10 weeks which will involve virtual hackathon with an incubator’. All total of 1600 applications have been received by the Citi officials who have invited developers from all over the world to take part in the program. Citigroup has collaborated with various national and multinational companies such as Google, Nasscom, Amazon, Microsoft who all are going to take part in the program to help the startup firms in various sectors.
Final phase of this challenge is supposed to be held at Bengaluru on 3rd November, 2015. Mr. Kartik Kaushik, business manager of Citi India has issued a statement stating that the challenge is provided in order to bring up the talented developers from Indian community to facilitate the consumers from Asian subcontinent. It is believed by the Citi officials that this initiative will support the central government’s ‘Digital India Program‘. The concept of the ‘Citi Mobile Challenge’ is to bring up innovative and new ideas by the startup firms. Later on, the finalist will compete for $100,000 of cash prize along with rewards such as office space, investment and mentoring.
The Citigroup has, for the first time, offered their Application Program Interface (API) to the startup firms competing in this challenge to create solutions which would easily run on Citi’s digital platform. On this occasion Mr. Kartik said to local newspaper, “We have taken a long time to get here, but it’s always better late than never.”
Before conducting the program in Asia-Pacific region, Citigroup has launched this program in Latin America in year 2014. This event was also conducted in Europe earlier this year before arriving to India. This is the first time that such program has been launched by any bank or the leaders of the commerce society to help out the new startup firms in developing fresh ideas.