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.
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Macroprudential decision: Housing loan cap and countercyclical capital buffer requirement for banks remain unchanged
Press release
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FIN-FSA’s assessment: some consumer lenders fail to manage default risks adequately, shortcomings also in contract terms
Press release
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Payment-related frauds and scams are a growing phenomenon – Financial Supervisory Authority investigation reveals scope for improving security of banking transactions
Press release
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Strong year in financial sector despite uncertain operating environment – economic developments and geopolitical situation the most significant risks also in 2024
Press release
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Penalty payment imposed on former board member of listed company for violation of prohibition on transactions
Press release
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Consumer lenders have various shortcomings in AML/CFT risk management; registered information on supervised entities assessed and updated
Supervision release
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Thematic review: Greenwashing risk taken into account in a relatively limited manner in investment fund activities
Supervision release
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Amendment to EBA Guidelines on specification and disclosure of systemic importance indicators – application begins on 20 May 2024
Supervision release
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Supervised entities’ event concerning reformed Funds Transfer Regulation on 22 May 2024
Supervision release
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European Securities and Markets Authority guidelines on the transfer of data between trade repositories - applicable from 29.4.2024
Supervision release