Citi Turkey Fintech Challenge

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Citi Turkey’s Treasury and Trade Solutions team is looking to find new and disruptive solutions to fit our clients’ needs in the ever-changing world we’re living in. As we imagine the “future of treasury,” we want to connect with Fintechs and their most disruptive, game changing and dynamic offerings. We recognise that strategic partnerships create the best solutions – and this is where you come in!

Citi Turkey has identified several key problem statements that center around identified business opportunity areas and pain points which include;


1. Secure Payments via Cards

As the CFO/Treasury manager of a large diversified company, I am aware that our Procurement/account payable teams would like to ensure increased control and transaction security over our company’s payments. Our organization currently uses plastic cards for making some high-value supplier payments or low value, high volume e-commerce transactions.

We are seeking innovative solutions providing tokenized, virtual credit card offerings (no walking plastics) – whereby our institutional company can achieve all the below benefits:

  • Obtain detailed transaction reports and data feeds to streamline financial reconciliation.
  • Request virtual card through multiple means to allow for flexibility and scalability in terms of our managing procurement spend, e.g. option of API connection or upload batch file on top of a web application.
  • Centrally control the transaction parameters for payments e.g. time period, amount range etc.,
  • Minimize fraudulent transactions.

2. Supplier Payments via Cards / Payment Facilitator

As a Procurement/account payable head of a large diversified company, I would like to ensure that my suppliers are being paid according to their preferred method regardless of my company’s payment method. Our company would like to pay through commercial cards, however the card acceptance is a constant challenge, given that the suppliers may not have Card-POS or would not like to bear relevant costs. This causes our company to make payments via traditional methods – such as cash, bank transfers or cheques – which can be inefficient, costly and time-consuming.

We are seeking digital payment solutions – such as payment facilitators or Master Merchant model, which can enable working capital advantage for my company, optimization of AP and reconciliation processes, and single solution for both card- and non-card accepting suppliers.

3. Card Acquiring for C2B Flows

As a Business Development Head of a large diversified company with a direct to consumer business (C2B) model, I am interested in receiving our card (credit & debit) collections from consumers into single and centralised bank account.

While we understand the benefits of receiving payments via cards, ability to collect these payments across our consumer base is a constant challenge since we need to have multiple acquiring relationships and multiple bank accounts. The cost of acquiring varies, the process of reconciliation varies and the consumer experience is also not consistent.

We are looking for a solution that can help bridge the card acceptance gap – and ensure that this payment method can be leveraged as the primary mode of payments across the entire spectrum of our consumers across Turkey and other geographies in a harmonized, fast, digitized and seamless way.

4. Digital Payments and Receivables

In general our distributors and clients pay us via bank transfers. As a treasury manager, I’d like to eliminate the friction in our receivable process and introduce digital experience. i.e. After generating an invoice I’d like to send a payment link (RTP – Request to Pay) / QR code to them and by using this link/QR code they should be able to pay via bank accounts which they currently do and additionally they can pay us via credit cards or alternative payment mechanisms (APMs) like e-wallets.

Likewise, I’m interested in paying my suppliers using Payment link (RTP) / QR codes that are linked to either my credit card, bank accounts or e-wallets.

By leveraging the new digital experience, will benefit our organization’s Accounts Payables (AP) & Accounts Receivables (AR) by eliminating friction in the process, creating more convenient and seamless mechanism and maintaining cost efficiency.


We are calling all transaction banking focused Fintechs with qualified innovative solutions ranging from existing enterprises to start-ups to participate in this competition.

Citi Turkey will vet the submissions through calls, virtual meetings and evaluations of your solutions over the coming months. The submission deadline is March 12th, 2021.

For application form

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