The Reserve Bank had issued the ‘Framework for Self-Regulatory Organisation(s) in the FinTech Sector’ (Framework) and invited applications for recognition as Self-Regulatory Organisation in the FinTech Sector (SRO-FT).
It has been decided to recognise the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT. Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination.
The SRO-FT should guide the conduct of its members, ensure that they adhere to industry standards, comply with relevant laws and regulations, and maintain high ethical standards. This involves establishing and enforcing guidelines for consumer protection, data security, data privacy, etc. The SRO-FT should play a crucial role in promoting responsible innovation by providing a framework that encourages responsible experimentation. The SRO-FT should be responsible for addressing any grievance, conflict of interest, or dispute that may arise among its members, and foster a fair, equitable and competitive environment. Through these responsibilities, the SRO-FT should act as a steward of trust and stability in the FinTech sector, balancing the need for innovation and maintaining integrity.
