· The Bank will provide solutions like current accounts, credit, access to bank’s high net-worth customers to start-ups in the state
· The services offered will be part of the Bank’s SmartUp initiative and will encourage entrepreneurship and job creation in the state
HDFC Bank today announced a partnership with Andhra Pradesh Electronics IT Agency to promote and nurture start-ups as part of the state government’s Fintech Valley initiative.
An MoU was signed between Nara Lokesh, Minister of Information Technology, Panchayati Raj, and Rural Development, Government of Andhra Pradesh and Smita Bhagat, Group Head, eCommerce, Retail Branch Banking, Government, and Institutional Business, HDFC Bank at the Vizag Fintech Festival jointly organized by APEITA and Fintech Valley Vizag in the presence of Chandrababu Naidu, Honourable Chief Minister, Government of Andhra Pradesh.
The Bank will partner with the State Government to provide end-to-end solutions like current accounts, credit, and other solutions to start-ups under the SmartUp programme of HDFC Bank. The terms of the understanding will cover the following:
· Providing end-to-end banking solutions to start-ups and Start-up ecosystem like investors, incubators and accelerators
· Connecting APEITA with start-ups to promote the Fintech Valley in Visakhapatnam
· Connecting the Bank’s High Net-worth Individual customers with APEITA nominated Fintech Valley Startups to explore investment and mentorship opportunities
· Evaluating collaboration opportunities with APEITA for the Fintech Valley Accelerator programme
“We are pleased to sign this MoU with HDFC Bank, and are enthused by the bank’s SmartUp program as it supports entrepreneurship and in turn growth. We hope this relationship will provide the FinTechs in Vizag with the resources and networks required to become unicorns in the future,” said Nara Lokesh, Minister of Information Technology, Panchayati Raj, and Rural Development, Government of Andhra Pradesh.
“We are delighted to partner with the Andhra Pradesh Electronics and IT Agency in their endeavour to establish Vizag as a FinTech Valley to promote tart-ups. This endeavour resonates with our philosophy of building a thriving digital ecosystem for start-ups in India. Starts-up and Fintechs, we believe will play a critical role in generating employment and driving economic growth.
“The Bank seeks to be an equal partner in nurturing the spirit of entrepreneurship and innovation in the Start Up and Fintech ecosystem in the country” said Smita Bhagat, Group Head, Retail Branch Banking, Government and Institutional Business, and E-Commerce, HDFC Bank.
The partnership with the state government is also part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the start-up space across the country through its Smart Up initiative. The Bank has dedicated SmartUp zones at branches across India including Visakhapatnam. A SmartUp zone is located inside a few branches in the city.
Through these SmartUp zones, specially trained bank staff will offer tailor-made banking and advisory solutions to entrepreneurs. Furthermore, by accessing the bank’s new SmartUp portal (www.hdfcbank/smartup) start-ups will be able to tap into the knowledge and experience of a complete network of start-ups while simultaneously offering their services to this universe.
The enhanced offering under SmartUp includes:
End-to-end banking solutions customized to suit their requirements
Specially trained, dedicated staff to cater to start-up needs
Assistance with partnerships and alliances in terms of cost savings and growth levers
Access to HDFC Bank’s SmartBuy platform, which allows them to market their products to over 45 million HDFC Bank customers and the public at large