Axis Bank’s ‘Thought Factory’ Collaborates with Global Financial & Tech Cos to Accelerate Start-ups in the Country


Partners with Amazon Internet Services Private Limited (AISPL), the India affiliate of Seattle-headquartered Amazon Web Services, Inc. (AWS) to create a start-up hub at the Thought Factory, to jointly contribute to the development of the Start-up community in India
Collaborates with Oversea-Chinese Banking Corporation Limited’s (OCBC Bank) FinTech unit, ‘The Open Vault at OCBC’ for knowledge sharing and mentorship to Start-ups
Collaborates with Visa towards co-creation of market first digital commerce solutions; to mentor start-ups and provide a platform to drive innovation in payments

In a bid to accelerate technology-led innovation in the BFSI sector, Thought Factory, Axis Bank’s Innovation Lab, today 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.

Speaking on the occasion, 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.

Through a unique partnership, Thought Factory & Visa,  will work towards co-creation of innovative digital commerce solutions leveraging Visa’s suite of products and services. Visa will also make available the Visa Developer platform that provides open access to its payment capabilities to startups signed up under Thought Factory.

About Axis Bank:

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website offers comprehensive details about its products and services.

About The Open Vault at OCBC:

OCBC Bank launched The Open Vault at OCBC in February 2016, to strategically collaborate with FinTechs to develop meaningful financial solutions through open innovation. Housed in a specially-created 2,400 square foot space on New Bridge Road in Singapore, FinTech start-ups work with in-house OCBC Bank experts – programmers, application developers, credit risk management specialists, data analytics experts, wealth management advisors and legal advisors, who have a deep understanding of banking rules and regulations, processes, practices and customer behaviours – to employ OCBC Bank’s data sandbox and application programme interfaces (APIs) to bring innovative solutions quickly to the market.

The Open Vault at OCBC is focused on opening OCBC Bank’s doors to external innovation and ideas, and connecting with the FinTech eco-system to spot potential solutions to create innovative solutions for customers and employees. It is the ‘nerve centre’ for OCBC Bank’s innovations, driving collaborations with the FinTech ecosystem, ‘sandboxing’ new ideas with real customer data, and commercialising winning prototypes.