Fintech to switch on reset button as self-regulatory mechanism comes in

A fortnight after the Reserve Bank of India (RBI) made public its ‘Framework for self-regulatory organisation(s) for fintechs (SRO-FTs)’, the first signs of change in the way the sector looks at itself are upon us.
 

The Fintech Association for Consumer Empowerment (FACE) – an SRO-FT aspirant – “is considering its mandate to expand its membership to fintech beyond the credit ecosystem… so that fintechs, regardless of their business and scale, will have parity to contribute to the industry’s objectives and receive distinct value for their unique needs,” says Sugandh Saxena, its chief executive officer (CEO). This is in keeping with