Introduction: A New Initiative to Foster Fintech Growth
YES BANK, in collaboration with the Reserve Bank Innovation Hub (RBIH) and the S.P. Jain Institute of Management and Research (SPJIMR), has announced the launch of the Frictionless Finance Accelerator Programme. Unveiled on National Startup Day, this initiative aims to empower fintech startups by addressing critical challenges, scaling innovations, and driving financial inclusion across India.
India’s startup ecosystem is booming, with over 1.5 lakh DPIIT-registered startups and more than 100 unicorns. Fintech remains at the forefront of this growth, revolutionizing access to financial services and enabling small businesses to thrive. With this accelerator, YES BANK strengthens its position as a catalyst for innovation and collaboration in the fintech ecosystem.
Key Features of the Frictionless Finance Accelerator
1. Support System for Startups:
Startups will benefit from the combined expertise of RBIH, academic resources from SPJIMR, and YES BANK’s extensive industry knowledge.
2. Focus on Emerging Technologies:
The programme supports cutting-edge solutions in areas like digital lending, AI-powered risk management, blockchain-based payments, and financial inclusion.
3. Regulatory and Business Guidance:
Through platforms like YES Connect, startups will receive tools to navigate regulatory frameworks, refine business models, and leverage digital infrastructure effectively.
4. Collaborative Ecosystem:
The accelerator fosters partnerships between fintech startups, industry leaders, and regulators to promote growth and innovation.
Driving Innovation: YES BANK’s Commitment to Startups
YES BANK has long been at the forefront of supporting startups, particularly in the fintech space, with initiatives such as YES HeadStartup and digital platforms like IRIS Biz, YES Connect, and SmartFin. These platforms simplify operations, enabling startups to focus on innovation.
The Bank’s collaborative efforts include a recent partnership with Vegapay to launch Credit Line on UPI, showcasing its focus on co-creating financial solutions tailored to startups’ needs. Additionally, its association with SPJIMR’s Wise Tech School of Innovation provides mentorship, funding access, and resources to help startups scale efficiently.
Prashant Kumar, Managing Director & CEO of YES BANK, said: “India has emerged as the third-largest startup ecosystem globally, and fintech startups are at the forefront of this transformation. At YES BANK, we are committed to supporting this growth through initiatives like the Frictionless Finance Accelerator, which helps startups address real-world challenges and build scalable solutions.”
Collaboration for Responsible Innovation
The Frictionless Finance Accelerator underscores the importance of collaboration for innovation and inclusivity.
- Dr. Varun Nagaraj, Dean of SPJIMR, highlighted the role of partnerships in driving ethical innovation:
“Through our WISE Tech initiative, we champion responsible innovation that blends cutting-edge technology with inclusivity and ethics. This partnership will enable startups to address challenges, redefine financial accessibility, and contribute to India’s growth.”
- Rajesh Bansal, CEO of Reserve Bank Innovation Hub, shared his vision:
“Our mission of enabling ‘Frictionless Finance for a Billion Indians’ is deeply rooted in fostering innovation and entrepreneurship. This accelerator programme is a testament to our commitment to empowering entrepreneurs by providing access to world-class mentorship and creating pathways for transformative growth.”
A Timely Initiative Amid Global Opportunities
The launch of the Frictionless Finance Accelerator comes at a time of immense opportunity.
- Global Venture Capital Investments: Soared to $314 billion in 2024, reflecting growing interest in fintech startups.
- Digital Economy Growth: The global digital economy is expected to surpass $20 trillion by 2030, and fintech startups are set to play a pivotal role in shaping this future.
This accelerator represents a movement of partnerships, bold vision, and innovative action, poised to transform India’s financial ecosystem and elevate its global standing.
Conclusion: A Catalyst for Fintech Innovation and Growth
The Frictionless Finance Accelerator by YES BANK is more than just a program—it is a transformative platform aimed at empowering fintech startups to address real-world challenges, scale their solutions, and redefine financial inclusion. By leveraging technology, collaboration, and regulatory expertise, the accelerator is set to create a seamless and secure financial ecosystem in India.
With fintech startups playing a critical role in the future of finance, this initiative highlights the transformative power of innovation and partnerships, paving the way for India to lead in the global financial landscape.