The Fintech Association for Consumer Empowerment (FACE), the RBI-recognised Self-Regulatory Organisation for the FinTech sector, has released India’s first RegTech Code of Conduct, a landmark framework promoting ethical, secure, and transparent use of regulatory technology.
The Code establishes self-regulatory standards for FACE members and encourages wider industry adoption. Developed through FACE’s dedicated RegTech Forum, the Code addresses key areas including regulatory engagement, partner governance, data privacy, responsible AI use, and grievance redressal.
“This initiative is a signal of maturity and intent—not just for FACE but for the broader FinTech and RegTech ecosystem,” said Sugandh Saxena, CEO, FACE.
Key Principles:
-Transparent regulatory engagement with authorities like RBI, SEBI, IRDAI.
-Partner governance with strict due diligence and accountability.
-Data privacy & security backed by global standards (ISO 27001, SOC 2, DPDP compliance).
-Ethical AI practices, including model validation and explainability.
-Accessible grievance redressal and timely reporting of breaches.
Leaders from Bureau, IDFY, OnGrid, and Signzy welcomed the initiative as a crucial step in reinforcing digital trust, security, and responsible innovation.
Ranjan Reddy, CEO of Bureau, noted: “This Code sets essential guardrails to build trust between RegTechs, financial institutions, and consumers.”