Self-regulatory organisation for fintechs set to change membership profile

FACE's membership may expand to 180 from 80 as it diversifies and becomes more inclusive

The Fintech Association for Consumer Empowerment (FACE) is to change its membership profile to make it more representative of the sector. It is also examining the possibility of creating sub-groups so that entities which are strictly not fintechs but use digital modes – like business correspondents – can also join in.

FACE is the first self-regulatory organisation (SRO) to get the Reserve Bank of India’s (RBI) nod after it released the ‘Framework for SROs in the fintech sector’.

According to FACE’s chief executive officer Sugandh Saxena, “As per SRO-fintech (SRO-FT) charter, we are on the way to