You are here: Home » News-ANI » Business
Business Standard

Citi invites fintech startups to disrupt traditional banking

Business Finance


Financial services multinational giant Citi believes fintech startups today are missing out on major opportunities to disrupt institutional banking and is inviting entrepreneurs to do so.

"Opportunity is enormous. And the reason I'm saying that is everyone that you know dynamically wants to evolve to a better place. Therefore if fintech can come and pick up a part of a value chain which we believe they can execute better than us, at better economics and scalability, the banks have inherent incentive to pass that activity on to fintech and move on to the value added space," TechCrunch quoted Global Head of Treasury and Trade Solutions for Citi, Naveed Sultan, as saying during the Mobile World Congress in Barcelona, Spain.

Sultan also said that Citi is already "very engaged" with the fintech space and is scanning "thousands" of startups every year.

The company has also taken an equity position in "about 30" startups so far.

"Pretty much every one of [the fintech startups it's invested in] have an operating relationship with the businesses. So, we are using their technology and integrating into our solutions. And, helping them commercialize, appreciate our equity, as well as delivering a better solution to the client," Sultan said.

Citi has established four "innovation centers" in Singapore, Dublin, Tel-Aviv and London to act as its feelers on the fintech scene.

The investments are focused in four key areas, namely, client experience, scalability, operating model agility, and innovation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, March 03 2018. 10:29 IST