Fintech Industry Takes a Leap Towards Standardization

The fintech sector has marked a pivotal moment with the introduction of the first RegTech Code of Conduct by the Fintech Association for Consumer Empowerment (FACE). This initiative, recognized by the RBI, aims to establish a framework for the ethical, secure, and transparent use of regulatory technology.

Principles and Practices

The voluntary code outlines broad principles across seven key areas, including regulatory engagement, data protection, and responsible AI use. It encourages transparent communication with regulators and the adoption of strong internal controls to ensure compliance and accountability.

Industry Support and Future Outlook

Industry leaders have lauded the initiative, highlighting its importance for the fintech and RegTech ecosystem. The code is expected to enhance collaboration between RegTechs and financial institutions, accelerating the adoption of AI-powered compliance tools.