HDFC Bank launches Accelerator Engagement Program; gains access to 30,000 fintech ideas

Popular private banking firm, HDFC has launched its Accelerator Engagement Program (AEP) to partner with leading startup accelerators from across the world to gain early access to over 30,000 fintech ideas and innovative solutions.

Startup accelerators are organizations that help early-stage companies develop their product and business model, and also connect with investors. The bank will focus on those working in the area of artificial intelligence (AI), machine learning (ML), analytics, and robotic process automation.

In the first phase, the Bank launched the program in association with the United Kingdom’s Department for International Trade (UK DIT) and startup accelerators 91springboard and IvyCamp.

This AEP 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, IvyCap.

AEP is part of HDFC Bank’s Centre of Digital Excellence, where the objective is to create a mutually beneficial ecosystem with relevant players in the start-up space. Other initiatives include a Digital Command Centre and ‘Industry Academia’, which aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools. The Bank also organizes Digital Innovation Summit, an annual event to identify path-breaking fintech solutions.

Commenting about this partnership, 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.”

Nitin Chugh, Country Head – Digital Banking, HDFC Bank, believes that the Accelerator Engagement Program will enable the bank to be in sync with its customers’ needs and desires and become part of their lifestyle.