Fintech Association for Consumer Empowerment plans to onboard small companies to expand base
Fintech Association for Consumer Empowerment (FACE), a self-regulatory organisation (SRO), will seek to include smaller companies to broaden both its representation and effectiveness, CEO Sugandh Saxena told ET.
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«We have a very small membership as compared to the state of the industry, so the idea is how we get more members and also diversify,» said Saxena. «We will have a strong focus on the smaller companies because they will need more support.»
In the last week of August, the Reserve Bank of India recognised FACE as a Self-Regulatory Organisation in FinTech Sector (SRO-FT) among the three applications the regulator received.
FACE, now with 70 members, plans to reach out to Reserve Bank of India-regulated entities to expand its base and gather intelligence on the fintech entities that banks and non-banks work with.
«We know the lending space very well because this is where our focus was. Every regulated entity works with 10 or 20 such fintech companies,» Saxena said. «We will reach out to the regulated ecosystem also to ask them to tell us who these companies are. We will have a very aggressive, outreach mechanism.» Saxena added that FACE would reach out to the investor network because they are constantly looking at newer startups.
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