The FinTech Association for Consumer Empowerment (FACE) was officially launched on 1st October to promote a robust, diverse and inclusive FinTech ecosystem in India. The association aims to champion open and responsible lending practices in consumer finance through digital consumer lending organizations and play a pivotal role in promoting effective policy framework to empower digital consumers. Key Industry Focus Areas: Impact of Moratorium and COVID 19 on FinTech and credit lending o Impact on liquidity and income o Lending outlook in the present market o Moratorium to NBFC with respect to their repayments o Loss of interest for fresh investments
FACE is a registered not-for-profit industry association formed by Five FinTech leaders with an intention to support the Government of India’s vision in accelerating financial inclusion and meeting the massive credit demand from consumers. The association aims to consistently engage, communicate, and seek consumer feedback on various aspects of digital lending to introduce relevant products for the market. The members of FACE comprises of the founders of the leading digital lending platforms, EarlySalary, KreditBee, Kissht, CashE, and LoanTap. The association also has an expert & governance council on board which include members like Mr. Srinath Sridharan, Strategic Counsel and Independent markets commentator, Mr. Ram Rastogi, Independent Digital Payment Strategist, and Mr. Avtar Monga, Managing Partner at Stride Ventures.
Despite the COVID-19 disruption, the Indian FinTech market is expected to grow to INR 6.20 lakh crores by 2025, according to ResearchAndMarkets.com. Additionally, members of FACE have served a cumulative consumer base of over 45 lakh consumers and facilitated disbursements of over Rs 21,000 crores to India customers, especially from Tier B and Tier C cities in the past 3-4 years. This demands a unified voice to strengthen dialogue with industry policy stakeholders, including Reserve Bank of India (RBI), Ministry of Finance, NITI Aayog and other Government authorities to play a key role in representing and promoting key policy developments on consumer finance in India. Mr. Akshay Mehrotra, Co-Founder & CEO Early Salary said, The Indian FinTech industry has been the driving force in accelerating penetration of financial services predominantly led by personalizing customer services and technology innovation. FACE aims to be at the forefront of driving the government of India and industry regulators to build a robust digital economy and be a guiding force for FinTech organizations in introducing new solutions that meet rising consumer demand. He added, This will be an opportunity for FACE to make an impactful contribution to the growth of the industry and aid adoption in the under-served markets.
Mr. Madhusudan E, Co-Founder & CEO of KreditBee said, The Government of India’s Start-up Ecosystem, Digital India Movement and JAM (Jan-Aadhar-Mobile) trinity have been adding momentum for consumers’ adoption of digital finance. FACE aims to further transform the FinTech market and the association’s formation represents a significant step forward for the future of consumer finance in India. We believe that the time is right for the industry to come together and further introduce innovative approaches, shared goals and high growth priorities in fostering new initiatives and accelerate growth. He added, We are delighted to have successful organizations and industry veterans from the FinTech industry help articulate new framework and play a pivotal role in strengthening the FinTech ecosystem in India. About FACE The FinTech Association for Consumer Empowerment (FACE) is a not-for-profit industry association committed to build a robust FinTech ecosystem in India. The association aims to drive ethical lending practices among the Indian FinTech sector and establish thought leadership in consumer finance by sharing best practices, consumer trends, and research insights and play an active role in the industry policy formulation to empower consumers using digital lending. The members of FACE are leading privately funded Indian FinTech companies like EarlySalary, KreditBee, Kissht, CashE, and LoanTap.