IBM will assist Citi's Mobile Challenge competition, the two announced Tuesday.

The competition, launched in the Americas by Citi last year, is meant to encourage innovation in mobile banking and will expand to Africa, Europe, and the Middle East this year. In past years, Citi has worked with more than 165,000 developers and selected 23 innovations that it's working to bring to market. Teams compete for $100,000 cash prizes and the chance to go to market with support from Citi.

The competition is a virtual one, rather than taking place in a centralized location. A panel of financial technology experts selected by Citi judges the competition.

IBM will offer mentorship to the developer teams and provide access to BlueMix, its cloud platform that helps developers rapidly build, manage and run web and mobile applications.

"IBM's recognition that the Citi Mobile Challenge is fostering the development of the next generation of FinTech solutions serves as great validation of our efforts to accelerate and lead digital innovation,” said Citi's chief client experience, digital, and marketing officer for global consumer banking Heather Cox said in a press release. “More importantly, the platform of development tools IBM will make available to Challenge participants will go a long way towards helping them turn their creative ideas into innovative realities.”

Registration for the competition opened Monday and selected participants will showcase their ideas in Nairobi, Jerusalem, Warsaw, and London in late April.