Mumbai based private sector lender Axis Bank is set to open an innovation lab by joining with financial technology start-ups to ride on the digital wave in the country.
This innovation hub situated in Bangalore will emphasis on curating start-ups and working with them to help them develop the value propositions and the bank will look at absorbing their technology.
These start-ups will mainly be centering across lending, digital, payments and artificial intelligence space. For this, the bank has joined hands with Zone Start-ups, Nasscom, venture capitalist and some global banks.
Earlier HDFC Bank, SBI, Federal Bank, RBL, ICICI Bank among others have either allocated funds or created special divisions to engage with the start-up ecosystem and most recently Barclays has also opened a fintech innovation platform.