Axis Bank is planning to take its engagement with Indian startups to develop fin-tech solutions to a next level. After launching its innovation lab Thought Factory earlier this year, it is now partnering with companies to support startups in the Thought Factory. It has partnered with Indian division of AWS, Amazon Internet Services, Visa, and Oversea-Chinese Banking Corporation’s fintech unit ‘The Open Vault at OCBC for the same.
Under the partnership, Amazon Internet Services, will support startups with the technical expertise of AWS by hosting sessions with experts. It will also offer AWS credits and conduct thought leadership talks,startup pitches, and boot camps.
The startups selected for the upcoming 3-month accelerator program of Axis Bank can avail AWS credits and other facilities due to this partnership.
As per MD of Amazon Internet Services, Bikram Bedi, they decided to partner with Axis Bank because of its similarity with Amazon’s own pop-off lofts initiative. It also supports startups through mentorship, question answer sessions via a startup hub.
In addition to Amazon, Axis Bank has partnered with Visa to develop digital commerce solutions in the banking sector. Similarly, the partnership with The Open Vault aims to give knowledge and mentoring support to startups at the Thought Factory.
Notably, Axis Bank is the first Indian private bank to come up with such initiative for startups. It aims to develop new and better technologies for banking sector with the help of these upcoming startups.
Talking about the same, Amit Sethi, President and CIO, Axis Bank said,
“Over the last two years, our engagement with startups has increased tremendously. The kind of work we would’ve done with startups two years back has dramatically changed along with the number of startups we are working with.”
The bank has previously worked with startups to develop an augmented reality-based app called “Near Me”. It has developed several other solutions for corporate banking and SME banking.
Axis Bank is also one of the frontrunners for working on bringing blockchain technology to India. Currently, it is in discussion stages with authorities for getting regulatory clearances.
Amit revealed that they have already started working on some of the use cases of this technology. These include areas like payments, corporate banking, trade finance, and forex which can benefit from blockchain technology.
Axis Bank recently came up with its Unified Payments App (UPI) as well. UPI has just gone live in the country and will allow users to carry transactions seamlessly like exchanging messages without any credit or debit card information.