HDFC Bank Launches Accelerator Engagement Programme
Partners with UK DIT, 91SpringBoard, IvyCamp
Mumbai,
October 08, 2018: HDFC
Bank announced the launch of its Accelerator Engagement Programme (AEP)
under the Bank’s Centre of Digital Excellence (CODE). 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 Mr. Nitin Chugh, Country Head – Digital Banking, HDFC
Bank in the presence of Mr. Ben Green, First Secretary, Trade, DIT; Lord Mayor
of the City of London, Alderman Charles Bowman; Mr. Mithun Shetty, Head of
Community Building at 91SpringBoard; and Mr. 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.
“We are excited to take our engagements with fintech
start-ups global with the Accelerator Engagement Programme. At HDFC Bank, we
are looking for disruptive, global first innovations. This enables us to be in
sync with our customers’ needs and desires and become part of their lifestyle. We
believe that to tap into this vast pool of innovative ideas, we need to work as
a partner in the digital eco-system and encourage the spirit of innovation in
the country. This is a win-win for all of us,” said Mr. Nitin Chugh, Country Head – Digital Banking, HDFC Bank.
“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,” said Lord
Mayor of London, Charles Bowman. 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.
About HDFC Bank’s Centre of Digital Excellence (CODE)
HDFC Bank’s Centre of Digital Excellence
(CODE) is an endeavour to harness the digital and technology eco-system in India
and abroad that helps enrich the experience of our offerings to customers. CODE
has many elements; Industry Academia, Digital Innovation Summit and Digital
Command Centre to name a few, that reflects the partnerships and sharing of
domain expertise, the Bank is seeking with important stakeholders like
educational institutions, start-up, and fintech companies to enhance its
digital banking capabilities, which in the end benefits our customers.
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