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About Us

Fintech Association for Consumer Empowerment (FACE), a self-regulatory industry body of fintech lenders in India. Our growing membership accounts for 80% of digital lending business volumes. We unify fintech lending companies to develop a robust digital lending ecosystem where companies and consumers responsibly participate and thrive in the digital economy.

Background

Fintech lending is expanding and deepening roots across product 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, by offering them choice, suitable products, superior experience, and safeguards against harm.

Fintech Association for Consumer Empowerment (FACE) takes a role in this context to promote responsible lending and responsible borrowings. Incubated by five fintech lending companies (Cashe, LoanTap, Fibe, KreditBee, Paysense), a non-profit Section 8 Company set up in Sep 2020, FACE now has nearly 50 members, accounting for 80% of digital lending business volume.

We convene the fintech lending ecosystem. As a self-regulatory industry body, we relentlessly focus on work that advances the potential of the fintech lending industry for the good of the customers 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 lending industry.

Unite the fintech lending industry on common issues.

Collaborate to tap opportunities and solve problems.

Guided by evidence and knowledge.

Aim

to collaborate and voice opinions on the relevant policy issues and to promote ethical lending practices in the fintech sector.

Vision

to be the face of the fintech lending ecosystem in India to foster innovation and create a mutually beneficial and sustainable environment for the ecosystem partners and consumers alike with support from regulators, government, distribution platforms and media.

Mission

to onboarding 100 responsible full-stack digital lending platforms which would positively impact the lives of over 500 million consumers by 2030

Value

Inclusiveness, Integrity, Innovation, Adaptability

Work

We are constantly making and mending the fintech lending ecosystem that seizes opportunities for consumers and bulks against risks.

Engaging with regulators, government, fintech lenders and ecosystem players, FACE advances fair and responsible digital lending practices through self-regulation and consumer empowerment. 

We engage with the regulatory and policy environment, sharing understanding and expectations between market players and policymakers. We bring the latest insights and data on evolving business models, market conduct, technology and consumer experience to support policymaking.

We perform the Self-Regulatory function for our members to promote responsible lending, good governance and consumer protection to serve the interests of digital lending consumers.

We self-regulate with members through standards, learning, and monitoring/enforcement. Under our Article of Association (AoA), members entrust us and give us a remit to work as the SRO. It obliges members to follow the Code of Conduct and agree to be to monitoring/scrutiny by FACE.

An independent Enforcement Committee guides and supervises the SRO function and deals with specific cases of non-compliance by members. The Enforcement Committee sees members make good on pledge and promise towards regulatory and industry standards.

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 lending companies and their 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 with 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 the value and contribution of fintech lending for consumers and an inclusive digital economy. We contribute to industry discussions through our research and communication.

Governance

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. Independent Directors will always be in the majority. Currently, FACE has a members Board. The General Body elects the Member Directors from amongst members and confirms the appointment of Independent Directors as approved by the Board.

Ram Rastogi, Independent Director & Chair

Avtar Monga, Independent Director

Srinath Sridharan, Independent Director

Ashish Goyal, Member Director

Naveen Kukreja, Member Director

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

  • Stakeholder engagement: Ram Rastogi and Naveen Kukreja
  • Remuneration, finance and audit: Srinath Sridharan, Ashish Goyal, Avtar Monga

Team

Sugandh Saxena, CEO

Aditi Verma, Senior Manager

Madhabi Sarkar, Associate Vice President