December 15, 2023
Launch ceremony for the 19th Citi Financial Innovation Application Competition
Citigroup Services and Technology (China) (CSTC) has announced that the 19th Citi Financial Innovation Application Competition (also known as the Citi Cup) is open for online registration.
CSTC leads Citigroup’s financial technology and financial operations services industry in China.
This year’s Citi Cup competition will be hosted by Xi’an Jiaotong-Liverpool University in Suzhou, China, and it is the first time that an international joint venture university in China is hosting it.
This prestigious competition invites university students worldwide to present practical solutions for tackling challenges in artificial intelligence (AI) and financial technology (fintech).
Students will work in teams to compete in one of three categories: AI – Risk Control, AI – Hallucination, and any financial IT-related topics.
The AI – Risk Control category tests competitors’ skills in improving the accuracy and efficiency of risk management using AI in finance. The AI – Hallucination category asks competitors to reduce invalid or misleading data from generative AI models.
The Citi Cup judging committee will select the top 20 submissions based on four criteria: innovation, business plan, IT development, and final contest performance.
The top 20 teams will come to XJTLU Entrepreneur College (Taicang) in China in mid-2024 to present their solutions and compete for awards and monetary prizes.
The Grand Prize-winning team will receive the equivalent of 10,000 USD in RMB and have opportunities for fast-track internships or job opportunities from Citi. The two First Prize-winning teams will receive the equivalent of 3,000 USD per team, and the seven Second Prize-winning teams will receive the equivalent of 1,500 USD.
In addition, the Best Investment Potential Award winners will receive a 500,000 RMB interest-free loan or 800,000 RMB in equity and entrepreneurial guidance services from Shanghai Technology Entrepreneurship Foundation for Graduates (EFG).
Luke Lu, Executive Vice President of Citibank (China), says: “Citi’s mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. In the course of nearly two decades, Citi Cup has kept forging ahead with innovation, facilitated China’s fintech talent cultivation, and continued to explore future development paths. This is exactly how we live up to Citi’s mission.”
Dane Xu, General Manager of CSTC, says: “As Citi’s world-class R&D and business process solution centre, CSTC fully supports the cultivation of fintech professionals and promotes innovation and entrepreneurship among university students.”
Students and academics from world-leading universities have joined the Citi Cup in the past. Participating universities from previous years include:
- Boston University, US;
- The City University of Hong Kong, China;
- Nanjing University, China;
- New York University, US;
- Peking University, China;
- University of Edinburgh, UK;
- University of Sydney, Australia;
- University of Toronto, Canada;
- Tsinghua University, China; and
- Wuhan University, China.
Professor Junsong Chen, Dean of the School of Intelligent Finance and Business at XJTLU Entrepreneur College (Taicang), says: “Students worldwide are welcome to come to Taicang and join in this year’s Citi Cup. Taicang, known as the ‘home of German enterprises’ in China, has over 470 German enterprises doing business here.
“The Citi Cup also reflects XJTLU’s internationalisation, offering participants instructions and a teamwork environment in English.”
Key dates
- Now – 2 January 2024
Online registration via XJTLU Learning Mall (click “English” in the top right-hand corner of the page to change the language)
- 2 January 2024 – 29 February 2024
Mid-term project report online submission
- 29 February 2024 – 25 March 2024
Final project report online submission
- 26 March 2024 – 30 April 2024
First-round competition (online)
- 10 May 2024
Result announcement for the first-round competition (online)
- January 2024 – before finals (TBD)
Seminar series (online)
- May or June 2024 (TBD)
Finals and award ceremony (onsite)
Citi Cup
Since its establishment in 2005, the Citi Cup has been recognised as a benchmark event in China’s financial information technology sector. It has been supported by the Chinese government, education and industry for many years. More than 20,000 students and more than 2,000 teachers have participated in the competition.
Every year, the event reaches tens of thousands of teachers and students online and in person. Through what they gain from the competition, participants over the years have enjoyed positive development in their careers in related industries such as finance and IT after graduation.
Visit the Citi Cup’s official webpage for more details.
By Haolun Xu
Edited by Patricia Pieterse
December 15, 2023