Axis Bank gives shapes to its innovation lab

Ties up with AWS, OCBC Bank to support startups incubated at its accelerator

Private sector lender Axis Bank which is in the process of setting up an innovation lab in Bengaluru, has tied up with cloud services provider Amazon Web Services to support the startups getting incubated at the lab. Under the parttnership, AWS would provide the required technology as well as access to mentorship to the startups that will be part of the accelerator programme at Thought Factory, the bank's innovation lab.

In June this year, Axis Bank had announced its plans to set up the innovation lab in the IT city with an aim of working towards innovating and introducing disruptive technologies in the banking and financial sector. The bank has already launched an app called Axis Pay, the first bank to use Unified Payment Interface, to make payments easier for its customers.

The official launch of Thought Factory is due on Saturday and the first batch of seven to eight fintech startups selected who will be incubated out of the accelerator located in Thought Factory will be announced in September. Besides, there will be space for other startups to walk in and use the technologies at the lab.

"We hope the startups will come up with technology-led solutions for payments and customer experience as well as risk management in microfinance space. We also hope that they will be using augmented reality, artificial technology and blockchain technology and create something disruptive," said Rajiv Anand, executive director of Axis Bank.

"We will showcase all our technologies, organise various startup days, ask the expert sessions and provide new startups with space and technology for free so that the ecosystem grows," said Chandra Sankholkar, an official of Amazon Internet Services.

Once the startups finish their three month acceleration, they will make their pitches to Axis Bank as well as other investors to raise funding. "If the product is useful to Axis Bank, we will put it for use. The option is also open to pitch to other investors," added Anand of Axis Bank.

Other than Amazon, the Bank has also tied up with OCBC bank, Singapore.

"They have a similar programme called Open Vault. We will look at how startups can share idea and information. We have also a tie up with IIT Mumbai," said Amit Sethi, president and chief information officer of Axis Bank.

The bank is looking to have more tie-ups for their incubation center in future to make it a fintech startup hub.

Bengaluru is slowly emerging as the Fintech startup hub and banks and financial institutions are increasingly starting incubators and accelerators to encourage innovation in the space. State Bank of India and Federal Bank also run incubation centers in the city.