History & Milestones
FACE was established by leading FinTechs committed to responsible finance and consumer empowerment. It introduced the FACE Code of Conduct for Digital Lending, India’s first self-regulatory standard for FinTechs, which laid down principles for fair disclosures, transparent pricing, responsible marketing, and effective grievance redressal. This foundational framework helped define ethical conduct and operational integrity for an emerging sector that was rapidly expanding access to digital credit and financial services.
In its second year, FACE developed the institutional mechanisms that continue to underpin its governance and membership structure. The association launched a Membership and Compliance Framework outlining eligibility, conduct requirements, and supervisory expectations. It also set up an independent Grievance Redressal and Review Process to promote accountability among members and foster public confidence.
During this period, FACE initiated structured industry consultations and collaborative workshops with law firms, audit and consulting organisations, and technology enablers. These dialogues focused on bridging regulatory intent with operational feasibility, helping FinTechs strengthen their compliance readiness and internal governance systems.
FACE’s membership broadened to include regulated and non-regulated entities—digital NBFCs, embedded-finance platforms, RegTech providers, and allied ecosystem partners. The association became a unified forum for articulating the industry’s perspectives on key policy issues and regulatory developments affecting digital finance.
FACE began publishing regular industry insights and reports, helping contextualise the FinTech sector’s contribution to inclusion, innovation, and credit access. It also introduced FACE Cube, a monthly regulatory newsletter consolidating updates from the financial and technology landscape, now one of the most widely referenced policy digests in the ecosystem.
Building on its credibility as a policy and governance platform, FACE expanded into sectoral research, education, and ecosystem building. It hosted a wide range of thematic dialogues on topics such as data-protection readiness, algorithmic fairness, cyber resilience, and financial-literacy outcomes.
The association’s research reports during this period provided a fact-based view of responsible digital lending and technology governance, strengthening the industry’s engagement with policymakers and the public. FACE also formalised partnerships with academic institutions, consulting firms, and ecosystem alliances to create channels for continuous learning and responsible product design.
In August 2024, FACE received formal recognition from the Reserve Bank of India as the Self-Regulatory Organisation in the FinTech sector (SRO-FT). This milestone affirmed the association’s maturity in governance, transparency, and compliance management.
As the RBI-recognised SRO-FT, FACE was entrusted with advancing self-regulatory standards, monitoring industry conduct, and supporting FinTechs in implementing responsible-practice frameworks. The association subsequently enhanced its institutional architecture—expanding its Board, strengthening its Secretariat, and establishing thematic working groups to align member practices with supervisory expectations.
FACE also launched its Self-Regulatory Framework, defining the principles and procedures for supervision, reporting, and member accountability. This framework laid the foundation for proportionate, risk-based oversight while encouraging innovation that benefits consumers and the economy.
By 2025, FACE had become the largest FinTech association in India, representing over 275 member institutions. This growth underscored the sector’s confidence in FACE’s collaborative, transparent, and forward-looking approach to industry self-governance.
During this period, FACE consolidated its institutional model and broadened its ecosystem engagement. It established industry forums on RegTech, Payments, and MSME Finance, and a Technology Working Group to foster cross-sector collaboration on innovation, cybersecurity, interoperability, and emerging technologies.
FACE released India’s first RegTech Code of Conduct, providing a unified reference for the ethical, secure, and transparent use of regulatory-technology solutions. The Code set standards on governance, data protection, AI validation, and accountability, reinforcing the principle that technology must uphold the same trust and integrity expected of the financial system.
In parallel, FACE expanded its ecosystem outreach—partnering with leading research bodies, development agencies, and technology partners to promote responsible innovation and enhance industry readiness. It continued to convene thought-leadership discussions, sectoral roundtables, and member capacity-building initiatives on topics spanning compliance, consumer protection, and digital governance.
As India’s largest FinTech association and the RBI-recognised Self-Regulatory Organisation in the FinTech sector (SRO-FT), FACE remains committed to fostering a resilient, transparent, and innovation-driven FinTech ecosystem.
In the years ahead, FACE will continue to strengthen self-regulation, enhance member supervision, and build the digital infrastructure needed for proportional, data-driven oversight. Its focus remains on advancing conduct standards, improving consumer outcomes, and supporting responsible innovation that drives inclusion and trust at scale.
Through its growing membership, multi-stakeholder engagement, and ongoing institutional reforms, FACE is shaping the future of FinTech in India — ensuring that innovation continues to empower consumers and contribute to sustainable economic progress.
