Leading global bank Citi has recognised Octet’s unique technology-driven finance offering, highlighting the best-in-class security offered by the global supply chain finance specialist.
Citi honoured Octet for its innovative financing solutions to counter one of the biggest problems facing the global fintech sector – providing assurance for payments.
The Citi MENA Fintech Challenge offered the region’s fintech community an opportunity to development practical innovations around four identified problem statements: Digitising Cash Collections; Assured Payments; B2B2C Enablement; Digitizing Trade Processes.
Octet, a leading global online supply chain finance and payments platform for SMEs with more than 55,000 members, won the Assured Payments category. Octet assists SMEs with financing solutions by streamlining the process to pay suppliers across the globe.
Citi Treasury and Trade Solutions Head MENAPT Emre Karter said “This challenge was an important milestone. We were very impressed with the quality of the applications and proposed solutions around the problem statements.
“It gives me great pleasure to see the innovation and fast-paced development in the fintech space in the MENA countries and how their ecosystems evolve to further support them. By offering the fintech community the opportunity to showcase their ideas, we hope to contribute to the development and growth of fintech companies in the region.’’
Octet is stepping up efforts to share its market-leading supply chain financing and payment tools with small and medium businesses globally. Using best-in-class technology to centralise business finance and payments, Octet enables clients to conduct all business supply chain transactions within a single platform, providing real-time information and premium security.
Octet Chief Commercial Officer, Brett Isenberg said “We thank Citi for this prestigious award, which helps to highlight the progress our global network is making in democratising the supply chains for small-medium businesses. We’ve identified a distinct market gap in terms of the facilitation and transparency of payments between SME buyers and sellers, and the consequent working capital requirements to sustainably grow these businesses. We’re genuinely looking forward to growing the reach and scale of the Octet network for the benefit of our members in the coming years.”
Citi’s MENA FinTech Day invited applications from more than 1000 fintechs across the region, calling for solutions to four identified problem statements.
A shortlist of 60 applicants pitched to Citi panellists in workshops held in Dubai (UAE), Karachi (Pakistan), Cairo (Egypt), Amman (Jordan), and Istanbul (Turkey) before the eight finalists were selected to participate in the MENA FinTech Day. Octet emerged as the category winner after presenting a comprehensive solution demonstration. Other category winners were Fawry, PaySky, and Wipro Limited and Traydstream.