Yes Bank collaborated with the Reserve Bank Innovation Center (RBIH) and the SP Jain Institute of Management and Research (SPJIMR) to introduce the “Frictionless Finance Accelerator Program”. The initiative aims to support fintech startups in developing scalable solutions to address financial sector challenges and improve financial inclusion in India, a statement said.
Under the program, participating startups will receive resources and guidance on technologies such as digital lending, artificial intelligence-based risk management, blockchain-based payments and financial inclusion. According to the bank, the accelerator aims to encourage innovation, help startups navigate regulatory frameworks and refine their business models.
“India has become the third largest startup ecosystem in the world, and fintech startups are leading the way,” said Prashant Kumar, managing director and CEO of Yes Bank, adding that the bank “is committed to initiatives such as Frictionless Finance Accelerator to help solve practical problems. challenges and support the development of effective solutions.
The accelerator program combines the expertise of RBIH, the academic resources of SPJIMR and the industry knowledge of Yes Bank. The bank has already worked with fintech startups through initiatives such as Yes HeadStartup and platforms like IRIS Biz and Yes Connect, aimed at simplifying operations and encouraging growth.
Its collaboration with Vegapay to launch a credit line on UPI and its partnership with SPJIMR’s Wise Tech School of Innovation are part of efforts to provide mentorship, access to financing and other resources to emerging companies.
Dr Varun Nagaraj, Dean, SPJIMR, said, “At SPJIMR, we emphasize initiatives that combine technology with inclusiveness and ethics. This partnership will help startups address critical challenges, redefine affordability and contribute to India’s growth,” he said.
“Our mission to enable seamless finance for a billion Indians is rooted in promoting innovation and entrepreneurship. This program will enable startups to develop solutions that will help shape the future of the Indian financial sector,” Rajesh BansalCEO of RBIH, said.
India’s fintech sector forms a significant part of the country’s startup ecosystem, which includes over 1.5 million registered startups and over 100 unicorns, according to the Department for Promotion of Industry and Internal Trade (DPIIT ).
With global venture capital investments reaching $314 billion in 2024 and the digital economy expected to exceed $20 trillion by 2030, fintech startups are expected to make a substantial contribution to the sector’s growth.