‘We’re working to rid lending market of rogue elements’

Pune: The Fintech Association for Consumer Empowerment (FACE), which describes itself as a self-regulatory body for the online lending and financial tech industry, has welcomed multiple new players to be part of its framework, while working with regulators to remove unauthorized players.

“We have had a good audience with the regulator, in this case, the Reserve Bank of India (RBI) to put together the regulatory framework for the fintech and online lending industry. We had submitted a list of unregulated and unauthorized players in the industry to the regulator and we have also worked with platforms like Google to remove those unauthorized players from its app store. The regulatory framework is still at an early stage, but there are multiple models, such as in countries like Indonesia, to look up to,” said Akshay Mehrotra, founding member of FACE, who also heads the online lender EarlySalary.