Citi has been awarded the title of Digital Bank of the Year - Asia Pacific by The Asset Magazine in the publication's annual Triple A Digital Awards, according to Citi's website.
“We are honored to be recognized as the leading digital bank in the region by The Asset magazine," Peter Babej, Asia Pacific CEO for Citi, told Citi's website. "The Asset award represents excellent recognition of our team’s progress. As we execute on our global strategy in Asia, we are continually investing in technology and delivering cutting-edge digital solutions to clients."
The award recognizes Citi's outstanding performance in the highly competitive and demanding market landscape. Citi was also honored as the Digital Bank of the Year in multiple countries, including Hong Kong, India, Indonesia, Thailand and Sri Lanka.
“Clients have commended its reliable digital banking services with one corporate customer appreciative of the bank’s automated solutions for its liquidity structure," the website said. "Citi has leveraged technology to come up with real-time liquidity solutions.”
City's 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 Asset said. "The bank has also recorded more customers purchasing financial products digitally, including mutual funds."
In 2022, Citi's mutual fund transactions on digital channels tripled, compared to pre-pandemic levels. Citi recently extended its mobile banking banking app to include bond or e-bond service in Hong Kong.
Citi is also "a key partner of many fintechs in the region, including the likes of FX platform Spark and fractionalized bond exchange BondEvalue,” according to The Asset.
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, according to The Asset.