HDFC Bank launches Accelerator Engagement Programme

Partners with UK DIT, 91SpringBoard, IvyCamp

Mumbai, October 8, 2018: HDFC Bank today 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.