Citi Singapore to tap global fintechs in APIX collaboration
The partnership enables Citi to identify solution partners in a cost-efficient way.
Citi Singapore has announced its partnership with API Exchange (APIX) that will enable Citi to tap into a global ecosystem of fintech firms and swiftly identify solution partnerships in a cost-efficient way and test them in a cloud-based sandbox before implementation.
With the partnership, Citi said it expects the speed of innovation to improve significantly, accelerating time to market of new solutions launched for Citi’s institutional clients. Having strong global presence across 96 markets also allows Citi to leverage its local counterparts to perform rapid proof-of-concepts with select fintech partners, which will enable innovation at speed and scale.
Citi had its first successful collaboration with APIX through its Citi Innovation Lab in Singapore where it assessed more than 80 fintechs to solve the unique challenges of its institutional clients in different areas such as open banking solutions, payments and more.
“Fintech partnerships are a key part of Citi Treasury and Trade Solutions’ broader innovation framework and they complement our extensive in-house innovation engagements. Through the partnership with APIX, we will be able to better and more quickly identify strategic partners whilst accelerating the time it takes to develop and scale our solutions and at the same time, enabling fintech firms to scale their solutions across our global network,” Rajesh Mehta, the Asia Pacific Head of Treasury and Trade Solutions at Citi said.