ZIGRAM Joins FACE: A Strategic Leap Toward Responsible FinTech Governance

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ZIGRAM, a data asset company known for its work in alternative data and digital compliance, has officially joined the Fintech Association for Consumer Empowerment (FACE), the Reserve Bank of India-recognised Self-Regulatory Organisation (SRO) for the FinTech sector. This move marks a significant milestone in ZIGRAM’s commitment to ethical innovation, consumer protection, and regulatory alignment.

Key Highlights From The Announcement

- ZIGRAM becomes a member of FACE, the only RBI-recognised SRO for FinTechs in India
- FACE currently represents nearly 50 member companies, accounting for over 80 percent of India’s digital lending volume
- The association promotes responsible innovation, ethical lending, and consumer-centric practices
- ZIGRAM’s membership reinforces its focus on compliance, transparency, and industry collaboration

Why This Matters For The FinTech Ecosystem

FACE was recognised by the RBI in August 2024 as the first SRO in the FinTech sector. Its mandate includes setting industry standards, monitoring member conduct, and facilitating grievance redressal. By joining FACE, ZIGRAM aligns itself with a framework that balances innovation with accountability.

This development is particularly timely given the rapid expansion of digital lending and the need for robust oversight. FACE’s recent report highlighted that 66 percent of loans from FinTech NBFCs were sanctioned to borrowers under 35, with growing penetration in Tier III towns and beyond. Such trends underscore the importance of ethical practices and consumer safeguards.

ZIGRAM’s Strategic Intent

ZIGRAM’s decision to join FACE reflects its broader mission to build trustworthy data ecosystems and support responsible financial services. As a member, ZIGRAM will contribute to:

- Strengthening industry-wide compliance and governance
- Enhancing consumer protection through data-driven insights
- Supporting FACE’s initiatives in standard-setting, training, and policy advocacy

The Road Ahead

With FACE gaining traction as a regulatory bridge between FinTechs and the RBI, ZIGRAM’s membership signals a maturing industry that values transparency and self-regulation. As more players join FACE, the sector is poised to evolve into a more resilient, inclusive, and innovation-friendly environment.

Sources: Biznes Newseria, CNBCTV18, Economic Times, Medianama, AMLEGALS, Reserve Bank of India