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Axis Bank’s Thought Factory collaborates with Amazon, Visa and OCBC Bank to boost startup ecosystem in BFSI sector

By   /  August 27, 2016  /  Comments Off on Axis Bank’s Thought Factory collaborates with Amazon, Visa and OCBC Bank to boost startup ecosystem in BFSI sector

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Bengaluru: The Fintech domain is the next big think in the startup story. Thought Factory, Axis Bank’s Innovation Lab, has taken a host of initiatives to boost the startup ecosystem in  the Fintech space. Axis Bank’s Thought Factory has entered into a strategic collaboration with AISPL, the India affiliate of Seattle – headquartered AWS, and Singapore – headquartered Oversea-Chinese Banking Corporation Limited (OCBC) bank, to provide a global platform to the Indian start-up community to consistently innovate in the Fintech domain.

The first batch of startups in the Thought Factory will given technological expertise and mentorship  advices in the areas of  AI, Blockchain, Big Data Analytics, robotics and much more that can be used for brining consumer banking to the next level.  Rajiv Anand, Executive Director, Axis Bank said: “Our Thought Factory in Bengaluru is equipped with state of the art infrastructure and technology designed to foster entrepreneurship and innovation in Banking & beyond. We are happy to collaborate with Global Financial and Technology companies to create a vibrant ecosystem of Banks, startups & tech innovators. Our first batch of startups, due to join in September, will build interesting use cases for AI, Blockchain, Big Data Analytics, robotics and much more that can take Consumer Banking to the next level.”

The Bank is collaborating with AISPL to contribute to the development of the startup community in India. Startups at Thought Factory will have access to an “Ask an Architect” counter managed by AISPL solution architects, where startups can get in-person answers to their AWS-related technical questions – at no cost. AISPL will also host events at Thought Factory for further engagement with startups.

“We are excited to partner with Axis Bank on the Thought Factory ‘Social’ and we see this as an opportunity to further promote the startup ecosystem by hosting interesting startup events, thought leadership talks, boot camps, start-up pitches, etc. Start-ups will also get to benefit from regular architecture review and Ask-an-architect sessions to improve their technology stack implementation”, said Bikram Bedi, Managing Director, AISPL, India.

Collaboration with OCBC’s FinTech Accelerator Program, ‘The Open Vault at OCBC’ will drive innovation in Asia through creating the desired ecosystem for the start-up communities in India and Singapore. Both the banks have collaborated to offer mentorship to the Start-ups and share research and findings that will drive innovation in Banking.

Further, Axis Bank has collaborated with Visa towards co-creation of market first digital commerce solutions and to mentor startups and provide a platform to drive innovation in payments.  Visa will also make available the Visa Developer platform that provides open access to its payment capabilities to startups signed up under Thought Factory.

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