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CI&T a Winner in Global Open Finance Challenge with Financial Passport Solution for Immigrants
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CI&T Inc. (NYSE: CINT) recently won the 'Convenience' category at the inaugural Global Open Finance Challenge for its FinPass solution, designed to assist newcomers to foreign countries in accessing banking services. The FinPass aims to leverage immigrants' financial data to streamline credit decisions and product offerings from banks. CI&T's NoFrontiers team, comprising nine intrapreneurs, was one of four winning teams from 91 competing globally. The challenge was sponsored by major banks, including CIBC and Itaú Unibanco.
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CI&T won the 'Convenience' category at the Global Open Finance Challenge.
The FinPass solution aims to improve financial access for newcomers, potentially impacting millions.
CI&T's solution allows banks to make informed credit decisions based on immigrants' financial behaviors.
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CI&T’s NoFrontiers team developed an unprecedented solution aimed at newcomers to a foreign country
NEW YORK--(BUSINESS WIRE)--
CI&T Inc ("CI&T") (NYSE: CINT), a global digital native specialist and end-to-end digital transformation partner providing strategy, design and software engineering services to some of the world’s leading brands, is one of the winners of the first Global Open Finance Challenge, an unprecedented competition that seeks innovative ideas to transform the banking sector.
CI&T's NoFrontiers team, composed of a group of nine intrapreneurs from the company, took home the victory in the "Convenience" category by developing FinPass - a global financial passport designed for newcomers to a foreign country, whether immigrants, students, refugees or digital nomads.
The Global Open Finance Challenge was created by CIBC, Itaú Unibanco, National Australia Bank and NatWest Group in collaboration with Amazon Web Services (AWS). The challenge invited teams of innovators from around the world to prototype and present ideas with the potential to facilitate access to financial products and services through new, improved and more personalized experiences.
“The innovation of our product is based on the application of the core concept of open banking: people's financial data belongs to them, so they must be incorporated into their daily lives wherever they are, with global mobility,” explains Leonardo Mattiazzi, EVP /CI&T partner and member of NoFrontiers. “By creating a global financial passport and leveraging the financial behavior of immigrants in their home country, we remove the friction of relocation and make Open Banking truly global and inclusive. This has the potential to impact the lives of millions of people.”
The FinPass solution
CI&T's FinPass solution won the "Convenience" category, which honors the most innovative and convenient channel for accessing banking services. FinPass uses Open Finance to understand an immigrant's financial behavior in their home country and enables banks and financial institutions to make credit decisions and offer specific products on the platform, making it easier for newcomers to establish themselves in new countries. The company's objective is to solve a problem that several members of the team itself have already faced: building a life in another country.
91 teams from 19 countries competed in the challenge and CI&T's NoFrontiers was one of four winning teams. Each winning team will work with one or more of the four banks - CIBC, Itaú Unibanco, National Australia Bank and NatWest Group - to convert their innovative idea into a proof of concept.
CI&T's NoFrontiers team includes: Alex Nobre Ribeiro, Carlos Roberto Nogueira Júnior, Daniel Cobianchi, Felipe Dewulf, Karen Bizanha, Leandro Duran, Leonardo Mattiazzi, Namaste Menegassi and Rafael Turon.
CI&T is a global digital specialist, a partner in end-to-end digital transformation for 50+ Large Enterprises & Fast Growth Clients. As digital natives, we bring a 26-year track record of accelerating business impact through complete and scalable digital solutions. With a global presence in 8 countries with a nearshore delivery model, CI&T is the Employer of Choice for 5,500 professionals in strategy, data science, design, and engineering, unlocking top-line growth, improving customer experience and driving operational efficiency.
