FACE's ambitious goal: Uniting 75% fintech players

The Fintech Association for Consumer Empowerment (FACE), the only self-regulatory organisation for financial technology/fintech (SRO-FT) companies, is aiming to secure membership from at least 75 per cent of players across all key fintech categories within the next three years, according to a senior executive.

- AJINKYA KAWALE

The total number of members in the organisation has increased to 110, up from around 60 when it received approval from the Reserve Bank of India (RBI) to operate as an SRO-FT in August.

"More than one-third of our members are now beyond just the lending category. Our goal is to be representative across different fintech sectors. For example, in lending tech, there are 300 companies, and we aim to have 75 per cent of them as members in three years," said Sugandh Saxena, chief executive officer of FACE, in an interaction with Business Standard.

The organisation, which initially provided memberships exclusively to fintechs in the lending space, has expanded its scope to include participants from associated domains such as account aggregator non-banking financial companies (AA-NBFCs), regulatory technology (regtech) firms, peer-to-peer (P2P) NBFCs, and others.