Citi is calling out to technology innovators worldwide to participate in its Citi Tech for Integrity Challenge (T4I), which aims to create solutions to promote integrity, accountability, and transparency in the public sector.
T4I is an open innovation competition. It seeks to source innovation which will benefit the various areas in the public sector, including government transactions and procurement; culture, ethics, and citizen engagement; cutting red tape; and information security and identity.
The competition is open to companies of any type and size. Selected participants will be enrolled in a virtual accelerator programme, which will provide them mentoring, curriculum and infrastructure support to help enhance their proposed solutions.
In line, Citi released the results of its crowdsourcing survey to identify the Integrity Pain Points that developers must focus on. The top issues found were beneficiary eligibility; tax administration including collection and taxpayer identity; transparency in the procurement process; allocation of public funds; and tools to increase transparency and combat corruption.
The survey polled more than 150 individuals from public, private, and non-governmental organisations around the world.
Companies can submit their applications until 6 March 2017. The programme will run from March to April. Finalists will be selected to showcase their solutions in the Demo Days that will be conducted in Buenos Aires, Dublin, Hyderabad, Mexico City, and Singapore in May and June.
Since it is an open innovation competition, award recipients can work with any business, organisation or government that are interested in exploring their tools.
"By harnessing new technologies through open innovation and applying them to integrity issues, we will facilitate solutions that will increase transparency and support the fight against corruption," said Jay Collins, Vice Chairman of Corporate and Investment Banking at Citi, in a press release.
"We hope that this challenge will not only change the integrity paradigm, but demonstrate the power of scaled global public-private partnerships," added Collins.
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