FinTech = Financial Technology, namely technology, notably information technology, that is used for the provision of banking, insurance, financial, investment or payment services. The term is also used to refer to growth companies that develop new financial technologies or new services based on financial technologies.
Examples of FinTech innovations and phenomena
- robotic asset management
- mobile wallets
- customer service chatbots
- crypto assets, such as Bitcoin, Litecoin and Ethereum
- peer-to-peer lending and peer-to-peer insurance
- smart contracts.
What is the FIN-FSA’s role in digitalisation and FinTech issues?
Digitalisation is transforming the structures and operating practices of society, and the financial sector is no exception. Increasing competition, regulatory reform and changing customer needs and expectations are encouraging financial companies to develop services and products based on new technologies for their customers. The FIN-FSA keeps track of technological advances and trends in the financial sector, accommodating its supervisory activities to reflect the development of the sector. The FIN-FSA is also the authorisation authority for financial companies. New service providers, such as FinTech start-up companies, apply for authorisation or registration with the FIN-FSA, as required. The FIN-FSA welcomes innovation but, in its role as an authority, it also needs to identify the risks inherent in innovation.
Strategy of the Financial Supervisory Authority 2020−2022: Supervision will focus on impacts and risks of digitalisation and climate change on the financial sector and prevention of money laundering
— 1/2020Press release
Financial Supervisory Authority prohibits ICON Corporation Ltd from managing alternative investment funds and providing investment services without authorisation
— 29/2019Press release
FIN-FSA imposes penalty payment on S-Bank Ltd and issues public warning to FIM Asset Management Ltd for omissions in customer due diligence
— 28/2019Press release
Macroprudential decision: Residential mortgage loan cap and countercyclical capital buffer unchanged
— 27/2019Press release
Financial sector’s capital position as at 30 September 2019: Finnish financial sector’s capital position remains good
— 26/2019Press release
Thematic review on the arrangement of supervision by investment service providers for suspicious transactions and orders
— 69/2019Supervision release
FIN-FSA survey into the impacts of the reference rate reform on credit institutions
— 68/2019Supervision release
Financial Supervisory Authority’s findings in supervision of life and non-life insurance companies during 2019
— 66/2019Supervision release
Charging negative interest rates on consumer customer deposits
— 65/2019Supervision release
Regulations and Guidelines 9/2019 on presentation of information in a prospectus under the Prospectus Regulation enter into force on 4 December 2019
— 63/2019Supervision release