HDFC Bank launches Accelerator Engagement Programme
HDFC Bank announced the launch of its Accelerator Engagement Programme AEP under the Banks Centre of Digital Excellence CODE on Monday In this...
Hyderabad: HDFC Bank announced the launch of its Accelerator Engagement Programme (AEP) under the Bank’s Centre of Digital Excellence (CODE) on Monday. In this first-of-its-kind programme, HDFC Bank will partner with leading start-up accelerators from across the world to gain early access to potential fintech ideas and innovative solutions in the area of artificial intelligence (AI), machine learning (ML), analytics, and robotic process automation etc.
In the first phase, the Bank launched the programme in association with the United Kingdom’s Department for International Trade (UK DIT) and start-up accelerators 91SpringBoard and IvyCamp.
Through the AEP, the Bank will now have access to cutting edge technologies and platforms for potential use. It creates a win-win situation as the start-ups and fintechs also get the opportunity to deploy their solutions.
The City of London Corporation led by the Lord Mayor brought down the first fintech delegation, thus making the United Kingdom the first country globally to be associated under the programme.
The Accelerator Engagement Programme was launched in Mumbai by Nitin Chugh, Country Head – Digital Banking, HDFC Bank in the presence of Ben Green, First Secretary, Trade, DIT; Lord Mayor of the City of London, Alderman Charles Bowman;.Mithun Shetty, Head of Community Building at 91SpringBoard; and Vikram Gupta, Founder and Managing Partner, IvyCamp.
A fintech delegation from UK DIT comprising start-ups based in the UK also made a presentation to HDFC Bank on technologies and solutions based on AI, ML, analytics, and robotic process automation etc. 91SpringBoard engages with more than 25,000 start-ups and fintechs globally as partners and facilitators. Similarly, IvyCamp is engaged with more than 5,000 start-ups and fintechs globally.
The Accelerator Engagement Programme is part of the Bank’s CODE, where the objective is to create a mutually beneficial ecosystem with relevant players in the start-up and fintech space not just in India but globally. The other initiatives initiated by the Bank under CODE is a Digital Command Centre and ‘Industry Academia’. Industry Academia aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools like IIT-Bombay, IIT Roorkee to name a few. The Bank also organises Digital Innovation Summit, an annual event to identify path breaking fintech start-ups through an application process.