Fintech Association for Consumer Empowerment (FACE), an industry association for fintech lenders in India, has announced the appointment of Sugandh Saxena, as its first CEO. Sugandh’s appointment comes as FACE has petitioned the RBI to become the self-regulatory body (SRO) for the digital lending industry.
Sugandh left the Microfinance Institutions Network (MFIN) to join FACE and has over two decades of experience in sectors such as microfinance, socio-economic development, technology and non-profit organizations. As Head of Self-Regulation and Compliance at MFIN, an SRO for the microfinance industry, she played a pivotal role in shaping the microfinance industry with conversations with regulators and industry players to formulate and apply ethical guidelines for the sector. Sugandh has a diverse and hands-on experience in leading industry development efforts through the industry body and SRO. She has also held positions at ITC, SEWA (Self Employed Women’s Association) Bharat and Bharat Electronics. Sugandh is an Electronic Engineering graduate from MNNIT, Allahabad and a Social Policy graduate from the London School of Economics and Political Science (LSE).
At FACE, Sugandh aims to lead the Association’s efforts to engage in active dialogue with policymakers, regulators, digital lenders and other market players to build an ethical and safe lending ecosystem for consumers and to work with stakeholders to develop choices for consumers. in the context of financial inclusion.
Speaking about his new role, Sugandh said, “New era digital lenders have closed huge credit gaps by improving choice and convenience for unaddressed credit needs and customer segments. With the power of technology and innovation driven by government policies encouraging the use of technology to expand financial access, digital lending has pushed the boundaries of financial inclusion unthinkable in the world. traditional approach to credit. As the digital lending industry continues to innovate, grow and diversify, it is our collective responsibility to rigorously prioritize value and financial health for customers. For a variety of reasons, the caveat emptor rule is simply not good enough and market players need to play their part. I look forward to working with regulators, policy makers, our s member companies and prospective members, as well as other industry stakeholders in creating the right framework to empower consumers and make India’s digital lending industry a global benchmark.”
FACE was incorporated in September 2020 with the goal of bringing together fintech lenders and the broader digital lending ecosystem to collectively advance fair and customer-centric lending practices through engagement in environmental areas. policy and trade, self-regulation and consumer empowerment. FACE member firms cover more than half of India’s consumer loan market volumes.
Having applied for the role of SRO, FACE aims to work in tandem with policymakers, regulators and industry players to drive both the Prime Minister’s vision of inclusive finance for India and the mission consumer protection and access to broader financial solutions.