The Reserve Bank of India has approved the Fintech Association for Consumer Empowerment (FACE) as the first self-regulatory organization in the FinTech sector.
The RBI received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI.
The recognition of FACE as an SRO marks a standard for self-regulation in India’s rapidly evolving fintech space.
In May 2024, the RBI finalised the framework for establishing SROs within the FinTech industry.
The framework defined FinTech entities as those who provide FinTech entities.
The SRO-FT will play a key role in aligning its members with regulatory priorities.
