The Fintech Association for Consumer Empowerment (FACE) membership has adopted an upgraded Code of Conduct (Code) at its 3rd Annual General Meeting (AGM) to strengthen protection measures amongst members and the fintech digital lending industry.

The organisation members also voted in the new member directors, Naveen Kukreja, founder & CEO, PaisaBazaar and Ashish Goyal, founder & CFO, Fibe. 

FACE is the digital lenders’ industry body (within the regulatory purview) which focuses on customer empowerment and being the voice of the digital lending ecosystem. FACE started with self-governance as its core with high standards of behaviour to enhance customer engagement and advance customer protection. 

As its first initiative, immediately after being formed in Sep 2020, FACE formulated its Code in Dec 2020 for its members, ahead of regulatory norms for such a principle. Much has evolved in a fast-moving digital lending ecosystem, including the regulatory framework with digital lending guidelines (DLG) in September 2022 and the growing resonance among stakeholders on the need for an SRO for the industry.

The Code has been in the works for several months with extensive feedback and buy-in from members and the wider stakeholder community and benchmarking it with global practices and industry segments.

Commenting on the launch of the new Code and appointment of the new member directors, Ram Rastogi, chairman at FACE said, “The promise and long-term sustainability of digital lending hinges on consumer trust and confidence which can only be achieved through an inclusive, appropriate, transparent, responsible, and secure lending ecosystem. The regulators are clearly encouraging the creation of a Self-Regulatory Organisation (SRO). “

“I am also pleased to welcome Naveen Kukreja and Ashish Goyal as the new member directors and look forward to working closely with them to scale digital lending with world-class standards and contribute to public policy objectives.” he added.

Fintech Association for Consumer Empowerment (FACE), an industry association and self-regulatory body for fintech lenders set up as a non-profit company in Sep 2020. FACE brings together fintech lenders (regulated balance-sheet lenders and platforms/aggregators partnering with the regulated balance-sheet lenders) and other stakeholders committed to advancing fair and responsible digital lending practices through self-regulation and customer-centricity.