HDFC Bank will partner leading startup accelerators across the world and get access to cutting-edge technologies and fintech platforms.
HDFC Bank has launched an Accelerator Engagement Programme (AEP) under the Bank’s Centre of Digital Excellence (CODE). Under the programme, the bank will partner with leading global startup accelerators to gain early access to potential fintech ideas and innovative solutions in the areas of artificial intelligence, machine learning, analytics, and robotic process automation.
The bank launched the programme in association with the UK's Department for International Trade (UK DIT) and startup accelerators 91SpringBoard and IvyCamp.
Through the AEP, the bank will have access to cutting-edge technologies and platforms. It creates a win-win situation as startups and fintech companies will get the opportunity to deploy their solutions, the bank said in a statement.
Nitin Chugh, country head – digital banking, HDFC Bank, said, “At HDFC Bank, we are looking for disruptive, global first innovations. This enables us to be in sync with our customers’ needs and desires. We believe that to tap into this vast pool of innovative ideas, we need to work as a partner in the digital ecosystem and encourage the spirit of innovation in the country.”
Lord Mayor of London Charles Bowman said, “I am delighted to help launch this powerful new initiative, and even happier that the delegation I’ve brought to India is the first to benefit from it. Fintech is an area of immense potential for the UK and India, and I look forward to seeing more collaboration between our two countries in this area.”
While 91SpringBoard engages with more than 25,000 startups and fintechs globally, IvyCamp is engaged with more than 5,000.
The Accelerator Engagement Programme aims to create a mutually beneficial ecosystem with relevant players in the startup and fintech space not just in India, but globally. Other initiatives started by the bank under CODE are Digital Command Centre and Industry-Academia. While the former was set up to understand and acquire insights on brands through customers’ conversations on social media, Industry-Academia aims at mentoring and hand-holding fintechs and startups incubated at the country’s top technical and B-schools.