'Independent panel to look at non-compliance, take action'

Fintech Association for Consumer Empowerment (FACE) is the first industry body which has been recognised as a self-regulatory organisation in the fintech sector by the Reserve Bank of India (RBI). This is from the three applications it received for the formation of such an entity. Following RBI's nod, SUGANDH SAXENA, chief executive officer, FACE, spoke to Subrata Panda in a video interview on how the organisation plans to onboard new members. She talked about how it will enforce its standards and practices on its members. Edited excerpts:

What is FACE's priority now that it has been recognised as an SRO?

Our first priority is to get all kinds of fintechs into the SRO fold. We are providing a platform, but ultimately, the industry has to be a part of this. It has to define its own set of rules and standards. We have 65 members currently but there is a huge universe with different business models and scales. There are many fledgling startups out there and we want to bring them to our fold. They can contribute and benefit from the network.

Will there be any criteria for adding new members?

There is a vast universe of fintechs out there and we would be reaching out to everyone to be a part of FACE. We do not have a threshold of scale or business model. But they have to be a corporate body registered under the Companies Act and fintech, in accordance with the definition in the SRO-FT framework. We also ask for certain information about founders, investors, scale of business, and clients, and we expect transparency from players who are looking to join us. Further, they have to abide by FACE's charter, which essentially gives us the power to seek information.

We can also frame rules and standards for the industry and take enforcement actions if the situation demands so.