Citi launches tech innovation initiative
Citi has launched the Citi Tech for Integrity Challenge (T4I), an initiative to “encourage technology innovators from around the world to create cutting-edge solutions to promote integrity, accountability and transparency in the public sector and beyond”.
The US bank said that it will lead the initiative in collaboration with public and private sector allies. T4I will provide public sector entities with access to tech innovators and their ideas on how to increase transparency and efficiency. It will also provide the support and infrastructure that tech innovators need to tailor new technology solutions for this market.
T4I is structured as a global open innovation competition, where any company can submit technology solutions. The challenge will seek to source innovation in a number of areas, including government transactions and procurement; culture, ethics and citizen engagement; cutting red tape; and information security and identity.
Selected participants will enrol in a virtual accelerator programme that provides mentoring, curriculum and infrastructure support to help them enhance their submissions. Finalists will showcase their solutions at one of six Demo Days in major cities including Buenos Aires, Dublin, Hyderabad, Mexico City and Singapore in May and June. Due to the open nature of the competition, award recipients from the Demo Days will have the opportunity to work with any business, organisation or government interested in exploring innovative integrity tools.
Citi’s T4I allies include countries and other public and private sector entities looking to bring outside innovation inside their organisations. T4I strategic allies include Clifford Chance, Facebook, IBM, Let’s Talk Payments, Mastercard, Microsoft and PwC. T4I will accept applications until March 6, 2017. The accelerator programme will run from March to April, when finalists will be selected to participate in Demo Days.
“We are proud to launch the Citi Tech for Integrity Challenge,” said Julie Monaco, global head of the public sector group in Citi’s corporate and investment banking division. “By supporting open innovation and providing innovators with the tools they need to develop ideas, we hope to help solve some of the biggest challenges that the public sector faces.”
Citi also released the results of a two-month crowdsourcing survey of more than 150 individuals, spanning public, private and non-governmental organisations around the world, to identify integrity pain points on which developers should focus their efforts. The top issues raised in the survey included beneficiary eligibility; tax administration, including collection and taxpayer identity; transparency in the procurement process; allocation of public funds; and tools to increase transparency and fight corruption.
Further details on the initiative are available on the T4I website: www.techforintegritychallenge.com.