The Fintech Association for Consumer Empowerment, or FACE, has applied to the Reserve Bank of India (RBI) to become a self-regulatory organisation (SRO) in the digital lending industry. This comes after a central bank working committee tasked with researching digital lending in the regulated financial sector as well as by unregulated entities urged the establishment of SROs, among other things, to keep track of the actions of digital lenders.
In recent years, India has become and continues to be the world leaders in Fin-Tech adoption. Digital lending has emerged as one of the key sectors which has found tremendous approval amongst the consumers specifically amidst consumers who otherwise do not have access to the traditional forms of credit. As more and more consumers are using the products offered on Fin-Tech platforms to meet their requirements, there has been a surge in players entering the markets with more disruptive products
As a means of bringing together the different stakeholders that drive the Fin-Tech industry ever forward, a group of founding members of FinTech companies have come together and formed a not-for-profit industry body – “Fin-Tech Association for Consumer Empowerment” (“FACE”).
The Company strives to establish an effective regular dialogue and working relationship with industry policy stakeholders including Reserve Bank of India, Ministry of Finance, planning bodies like Niti Aayog and other Government authorities, to present digital consumer finance industry’s views and observations, and to proactively engage itself with the stakeholders in the formulation of an effective policy framework for Higher quality of consumer engagement & consumer empowerment using digital consumer lending.
