Fintech Association for Consumer Empowerment (FACE) is an RBI-recognised Self-regulatory Organisation in the FinTech Sector (SRO-FT). FinTech companies of all kinds come together at FACE to build an industry that enables customer-centric financial services that are safe, suitable, and transparent, delivering positive impacts on society and the economy. The FinTech community (providers, enablers, stakeholders, and others) unite at FACE to develop a nurturing ecosystem where companies and consumers responsibly participate and thrive in the digital economy.
FinTech is expanding and deepening its roots across financial sector players, products, and market segments. It continues to innovate and evolve at a fast pace, creating new opportunities and risks. Sustainable value creation requires cohesive and coordinated efforts by market participants, especially for consumers, who need choice, suitable products, a superior experience, and safeguards against harm.
The Fintech Association for Consumer Empowerment (FACE) convenes the FinTech ecosystem to nurture the sector by tapping potential, establishing good business practices, solving challenges, and mitigating risks.
Established as a non-profit Section 8 Company in Sep 2020, FACE currently has nearly 70 members, representing the plurality of the FinTech sector across domains, scale, activities and regulatory status. As an RBI-recognised Self-regulatory Organisation (SRO), we relentlessly focus on work that advances the potential of the FinTech sector for the good of the people, society and economy.
The following forms the foundation of our work:
Pursue consumer empowerment – centricity, choice and protection.
Bring sustainable value for everyone in the ecosystem.
Led by the FinTech industry.
Unite the FinTech industry on common issues.
Collaborate to tap opportunities and solve problems.
Guided by evidence and knowledge.
To promote responsible and compliant FinTech sector
to be the face of the FinTech sector in India, foster innovation, and create a mutually beneficial and sustainable ecosystem for companies and consumers with support from regulators, government, and market participants.
to onboarding 1000 FinTech companies, which would responsibly and positively impact the lives of over 500 million consumers by 2030
Inclusiveness, Integrity, Innovation, and Impact
With our members, we are constantly making and mending the FinTech ecosystem that seizes opportunities and bulks against risks. Engaging with regulators, government, FinTechs and ecosystem players, FACE advances fair and responsible practices through self-regulation and consumer empowerment.
We actively engage with regulatory and policy dialogue, sharing understanding and expectations between market players and policymakers. We bring relevant insights and data on evolving business trends, market conduct, technology, and consumer experience to support policymaking.
We perform the Self-Regulatory function for our members to promote responsible business conduct and good governance to serve the interests of FinTech clients and customers.
We self-regulate with members by understanding regulatory standards, framing industry standards, building capacity to adhere to regulatory and industry standards, and monitoring/enforcing. Under our Article of Association (AoA), members entrust us and give us a remit to work as the SRO and ensure that members make good on their pledges and promises regarding regulatory and industry standards and conduct business responsibly. The AoA obliges members to follow the Code of Conduct and agree to be monitored/scrutinised by FACE. We also keep track of industry-level developments and risks to drive collective actions to address the risks.
Towards this, we understand consumer preferences and problems by actively listening and talking to them. We provide information to consumer to support their decisions and choices and a channel to resolve their complaints.
We are thoroughly aware of industry dynamics, issues, and prospects owing to our closeness with FinTech companies and their clients and consumers. We employ these insights to implement and support programs and initiatives that address industry-wide needs. For instance, we collaborate with Google Play Store to share market intelligence to inform detection and enable swift action against predatory personal loan apps in India that are non-compliant with Play Store’s policies.
We stand by FinTech’s value and contribution to the financial sector, consumers, and an inclusive digital economy. Through our research and communication, we contribute to informed industry discussions.
We have a two-tier governance structure.
General Body: It consists of all members and carries the responsibility for the overall vision and purpose of the FACE. The General Body is the custodian of the Article of Association – rules that govern all aspects of the Association. It exercises powers over the Board constitution, activity plans and financials.
Board: The management and oversight of the operations and funds vests with the Board of Directors, which shall comprise not less than two (2) or more than fifteen (15) individuals, one of whom shall be the Chairperson. The General Body elects the Member Directors from amongst members and confirms the appointment of Independent Directors as approved by the Board.
The board supports the FACE CEO and team across functions to meet the strategic objectives and plans laid out by the General Body. Currently, there are two Board Committees
Fintech Association for Consumer Empowerment
