Hero FinCorp, FinTech stakeholders collaborate to launch Globally Applicable Guidelines

New Delhi : Hero FinCorp, part of the $10 billion Hero Group, has reaffirmed its commitment towards responsible business practices and financial inclusion by becoming a co-founding signatory to the globally applicable Guidelines for Investing in Responsible Digital Financial Inclusion.

These guidelines comprise of 10 touch-points that industry veterans and stakeholders can use to evaluate opportunities, mitigate risks, and contribute to a more responsible and inclusive digital finance ecosystem. The guidelines include promotion of fair and transparent pricing, better disclosure of terms and conditions, preventing consumers from taking on excess debt, boosting financial literacy, accurately establishing customer identity, ensuring high levels of data privacy/ security standards, fostering an effective legal and regulatory framework, and enabling interoperability of DFS or Digital Financial Services.

"Digital is altering the way Financial Services are delivered and used, these guidelines would help ensure that all customer types are treated in a fair and responsible manner. As a Hero Group company, our customers always come first, and this step is a testament to our history and legacy," said Abhimanyu Munjal, Jt. Managing Director and CEO, Hero FinCorp Limited.

The guidelines were launched on June 20, 2018 in Amsterdam, The Netherlands, at a conference called Connecting the Dots - Investing in Inclusive Digital Economies hosted by Goodwell Investments in partnership with IFC, DEG, the Dutch Ministry of Foreign Affairs, and with support from CDC. In total, there were over 40 co-founding signatories that have all teamed up to launch these guidelines in Amsterdam. Signatories include over 30 investment organizations and more than 10 FinTech providers.

Together, the co-founders form a unique alliance of leading financial institutions, development banks, investment funds, family offices, private equity firms, and debt fund managers focused on the financial sector and FinTech, as well as banks, digital lenders, service providers and industry organizations. It is a global group, consisting of signatories from Europe, North America, Africa, China and India.