Sunday, June 16, 2024

Citi Named Digital Bank of the Year in Asia Pacific

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Nelson Oko
Nelson Oko
Based in Nigeria, Nelson Oko is a features editor at Real Simple where he manages the publication’s personal finance, career, product testing and pets coverage. His work has also been seen in Travel + Leisure, Better Homes and Gardens, Southern Living and more.

HONG KONG – Citi took the top spot in The Asset Magazine’s Triple A Digital Awards 2023, winning Digital Bank of the Year – Asia Pacific, in the publication’s annual awards. Recognizing winners “who have excelled against a highly competitive and challenging market backdrop”, The Asset also named Citi Digital Bank of the Year in Hong Kong, India, Indonesia, Thailand, and Sri Lanka.

On Citi’s regional win, The Asset Magazine cited Citi’s leading technology offering and client experience focus. “Clients have commended its reliable digital banking services with one corporate customer appreciative of the bank’s automated solutions for its liquidity structure. Citi has leveraged technology to come up with real-time liquidity solutions,” the publication stated.

Citi delivers a seamless client experience to its institutional clients, enabling real-time, instant capabilities across its solutions. We continue to build a borderless transaction network with solutions such as 24/7 clearing of USD payments, instant cross-border payments into digital wallets, on-demand sweeps, 7-day sweeps and electronic trade loans, among others.

The Asset added, “Its [Citi’s] Asian wealth hubs in Hong Kong and Singapore have continued to gain momentum in digitalization with one in two affluent customers now being onboarded online. The bank has also recorded more customers purchasing financial products digitally, including mutual funds.”

In 2022, the number of mutual fund transactions on Citi’s digital channels grew three-fold over pre-pandemic levels. Citi continues to accelerate momentum in digital investments including FX by creating new capabilities on Citi Mobile – our mobile banking app. We recently extended this to bonds with the launch of our mobile bond or e-bond service in Hong Kong, allowing clients to make and manage their bond investments digitally. 

On Citi’s strategic partnerships, investments and progress in innovation, The Asset said, “It is also a key partner of many fintechs in the region, including the likes of FX platform Spark and fractionalized bond exchange BondEvalue.”  These partnerships are led by Citi’s Institutional Strategic Investments team in the region which is focused on making venture capital investments in fintech companies that can transform the bank’s business in the short to medium-term.

Peter Babej, Asia Pacific CEO for Citi, said, “We are honored to be recognized as the leading digital bank in the region by The Asset magazine. As we execute on our global strategy in Asia, we are continually investing in technology and delivering cutting-edge digital solutions to clients. The Asset award represents excellent recognition of our team’s progress.”

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