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Citi invites fintech startups to disrupt traditional banking

ANI  |  New York [USA] 

believes today are missing out on major opportunities to disrupt 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 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," quoted for Citi, Naveed Sultan, as saying during the Mobile in Barcelona,

Sultan also said that 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 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.

has established four "innovation centers" in Singapore, Dublin, and 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.)

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