Recent regulatory developments, evolving approach of the banking system, changing market conditions and advancements in technology are indicators of brighter future for the financial technology sector. From payments and lending solutions to blockchain and robo-advisory, ‘Fintech’ is currently the hottest sector for innovations, especially in an emerging market economy like India. Technologies like Blockchain, Internet of Things, Artificial Intelligence, among others are gaining headlines and startups are the catalysts leading this disruption. Fintechs are increasing their foothold in the country and banks are adopting the latest technologies to provide best services to its customers. The landscape of financial service industry is undergoing a massive change towards a less-cash economy. Amidst all this, YES BANK has adopted Alliances, Relationships & Technology (A.R.T) approach to facilitate Digitised Banking in order to provide innovative financial solutions to its Corporate, SME and retail customer base. This strategy has enabled YES BANK to partner with over 100+ Fintechs and deliver unique financial solutions across different sectors like Payments, Lending, and more. Furthering the ART approach, YES BANK has launched a Business Accelerator program for Fintech startups – YES FINTECH in partnership with T-Hub (India’s fastest growing startup engine catalysing innovation and scale) and Anthill. LetsTalkPayments, a global platform for financial technology (Fintech) insights, is the knowledge partner for the program. The program will be accepting applications across all sectors of Fintech, the key focus areas of the program include innovations in Payments, Lending, Reg-Tech, Trade Finance, Forex & Capital Markets, Customer Value Added Services, Wealth Management and further Core banking solutions. The 15-week dual destination program is inviting applications across the global community of Fintechs. It is a unique accelerator model wherein 3 weeks are onsite (Mumbai and Hyderabad) and 12 weeks are offsite. Hence, the startup founders can continue to work from their home location for a majority part of the program and avail the exclusive benefits as well. Why should startups apply to YES FINTECH YES FINTECH will provide startups access to VC Funding of USD 1 million and even more through its program partner Anthill Ventures with no upfront equity commitment. In addition to access to funds, YES FINTECH will be providing the following additional benefits: Guaranteed Enterprise Client: YES FINTECH will co-curate the startups’ products and also help them bag contracts post the completion of the accelerator program. Market Access: Through this program, startups will get access to 2 million+ YES BANK customers with over 15000+ SME and Corporate clients. Compliance and regulatory guidance: In addition to patent filing guidance, the program will also help startups imbibe the key compliance and regulatory aspects, as well as provide support in all related areas. Global outreach: Through YES BANK’s partners, startups will have access to a comprehensive global Fintech network and direct guidance from angels, VCs, and financial investors. Showcase and visibility: Through the bank’s national and international media and knowledge partners, which includes Carnegie Mellon University and global Fintech festivals, startups will get an opportunity to showcase their products around the world. YES FINTECH is the only accelerator program, wherein startups can continue to work on their existing business as well as plan ahead for the future. This program provides 12-week offsite opportunity to startups, where they can continue to work from their home locations as well as provides them with an option to work from partner co-working locations at discounted prices. Another unique proposition is the zero equity commitment from the participating startups while providing them with opportunities to seek VC funding from the partners as well. YES FINTECH Accelerator Program YES FINTECH in collaboration with T-Hub, Anthill and LTP has prepared an exhaustive program structure to provide mentorship, business strategy guidance, a customised scale up plan and investor matchmaking sessions. Overall, the entire 15-week program in divided into four phases: CO-CREATE: This phase will validate the applicability of the value proposition of startup, the existing business plan and applicability to YES FINTECH focus areas. The scaling potential of startups will be analysed to co-create a customised scale-up plan. OPERATE: Product refinement, with real customer data, will proceed to post the evaluation phase. Market testing, customer feedback and revised GTM strategy will focus on customer acquisition and engagement. SCALE: The third phase of the program will include an Impact Analysis of Market Validation, along with interventions on customer acquisition and engagement. Lean operating frameworks to be designed in this phase. INVEST & GROW: The final phase of YES FINTECH would comprise of Pitch clinics & Demo Day showcase to provide startups to connect with VCs and other investor networks. YES FINTECH is a one-of-a-kind framework for boosting the Fintech ecosystem in India. Learn more about the program on www.yesfintech.com. If you are a fintech, keen on leaving a mark in the financial ecosystem in India, apply now. Applications for the accelerator program are open till 11th February 2017.
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