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.
The current FACE members have been a key part of the Fin-Tech lending ecosystem in India for the preceding 3-4 years and serve a cumulative consumer base of over 45 lakh consumers across 19,000 Pin-codes in India as on date. Many of the customers are from Tier B and Tier C cities, which is a heavily underserved market. More member-companies are being on-boarded to add value to the purpose and objective of this body. As a good governance model, this body has a set of senior & experienced professionals from various spheres across the industry, who form the honorary Advisory Council that would guide FACE. View Council MembersView Council Members
- Engage closely with the RBI, MoF, Govt & industry bodies and consumer engagement platforms
- Ensure strong focus on fair and responsible lending practices
- Promote Digitisation (Technology enablement) and Financial Inclusion themes
- Establish and maintain thought leadership in Consumer Finance
- Engage,communicate, and constantly seek consumer feedback