Octet Wins Citi Fintech Payment Award

Leading global bank Citi has recognized 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 30,000 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.

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.

For interviews and more information, please contact:

Duncan Khoury | +61 2 9356 6352 | +61 421 700 783| dkhoury@octet.com.

About Octet

Octet is a leading global online supply chain finance and payments platform for Australian SMEs, with more than 30,000 members across 65 countries. With more than $2 billion in annual transactions, Octet helps SMEs negotiate, transact and pay local and international suppliers while closing their working capital gap. Octet strives to be the primary platform for financing trade - centralising business financing by bringing together multiple funding sources to maximize potential business opportunities. Octet was born out of a desire to help local businesses buy from global suppliers in highly regulated markets. Since 2008, it has helped connect businesses with suppliers, providing supply chain financing tools for small and medium businesses. We have spread across the world to make the supply chain more efficient and secure for thousands of companies worldwide. For more information, visit octet.com.