Citi Transaction Services won "Most Innovative Use of Infocomm Technology - Private General Sector" at the recent National Infocomm Awards for its Citi Innovation Lab in Singapore, the company announced today.
The banking giant's Innovation Lab serves to create effective solutions and products for clients, the statement said.
The backbone of the Innovation Lab is Citi's Interactive Solutions, proprietary software that supposedly provides a fully interactive approach to customising complex solutions for its clients. The software does this by the visualisation of client portfolios and benchmarking of client's treasury management health, among others.
First deployed in Singapore in December 2011, Citi Innovation Lab gives clients the ability to "test drive" Citi's transaction banking solutions, according to the announcement.
On choosing Singapore as ground-zero for the project, Citi's head of ASEAN and country officer for Singapore Michael Zink said: "Singapore is the ideal location for the Lab because of its global talent, state-of-the art infrastructure, pro-business environment, high-tech efficiency and emphasis on innovation."
Citi Innovation Labs have been set up in Hong Kong, Dublin and upcoming Mumbai and Miami.
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