Fintech Founders Form Industry Body To Seek SRO Licence

Founders of fintech startups, including Jupiter, Fi, and Lendingkart, have formed a new industry body to secure a self-regulatory organisation (SRO) licence from the Reserve Bank of India.

The new entity is an offshoot of the Fintech Convergence Council (FCC), which operates under the Internet and Mobile Association of India (IAMAI). Sai Sudha Chandrasekaran has been appointed as CEO. She was previously a senior Vice President at Invest India. The organisation includes fintech leaders from payments, lending, digital currency, insurance, wealthtech, regtech, and decentralised finance. The RBI has encouraged fintech companies to establish an SRO to improve coordination with regulators.

This follows the RBI’s recognition of FACE (Fintech Association for Consumer Empowerment) as the first fintech SRO during the Global Fintech Festival. The founders aim to create a unified platform to represent fintech interests while ensuring compliance with regulatory requirements.