Fintech Association for Consumer Empowerment plans to incorporate small businesses to expand its base

He Fintech Association for Consumer Empowerment (FACE), a self-regulatory organization (Secondary Object Registration Organization (ORO)), will seek to include smaller companies to broaden both its representation and effectiveness, said executive director Sugandh Saxena ET customs.“We have a very small number of members compared to the current state of the industry, so the idea is to get more members and also diversify,” said Saxena. “We will focus on smaller companies because they will need more support.”

In the last week of August, the Reserve Bank of India recognized FACE as a Self-Regulatory Organization in the FinTech Sector (SRO-FT) among the three applications received by the regulator.

FACE, now with 70 members, plans to reach out to entities regulated by the Reserve Bank of India to expand its base and gather intelligence on fintech entities that banks and non-banks work with.

“We know the lending space very well because that is where we focus. Every regulated entity works with 10-20 of these fintech companies,” Saxena said. “We will reach out to the regulated ecosystem to ask them to tell us who these companies are. We will have a very aggressive outreach mechanism.” Saxena added that FACE will reach out to the network of investors because they are constantly looking for startups.

FACE will also expand its board to set up two committees – the standards committee and the compliance committee. It is also working on a dispute resolution mechanism to resolve issues together with fintechs. “We have proposed that we will expand the board to include other types of institutions as well,” Saxena said. “There would be a standards committee to understand the different standards that need to be set. Reserve Bank of India “He has talked about a dispute resolution mechanism because there is nothing now to resolve disputes between fintechs.” Saxena also said that FACE would work on a fraud repository along with the RBI, Home Office and state police authorities. “The Department of Transport, the Ministry of Health and the police have a lot of information. We are saying that we should find something where all this fraud data can be reported.”