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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Press releaseEuropean and domestic stress tests completed: banks’ resilience good also against changes in the operating environment resulting from geopolitical tensions The European Banking Authority (EBA) has published the results of its EU-wide stress test exercise, and the Financial Supervisory Authority (FIN-FSA) has published the results of the banks that are subject to its direct supervision. The results show that the Finnish banking sector would withstand a significant weakening of the operating environment. At the start of the stress test horizon, the banks’ profit performance was historically strong, which eased the stress compared to the previous exercises. The adverse scenario of the stress test exercise was particularly relevant because it took into consideration the tightening of trade policies brought about by the tariffs imposed by the United States.fin-fsa press release eba ecb banks stress tests
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Press releaseFIN-FSA thematic review: financial sector organisations use AI in internal processes, utilisation in the customer interface increases The majority of financial sector companies reported either already using or planning to start using artificial intelligence (AI) solutions. Most of the AI solutions are currently used in the entities’ internal processes, but application in the customer interface is going to increase over the following years.press release financial sector fin-fsa
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Press releaseMacroprudential decision: National buffer requirements for banks and the housing loan cap to remain unchangedLoan cap Countercyclical Capital Buffer Requirement O-SII Systemic Risk Buffer Norway
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Press releaseCapital position of Finnish financial sector remained strong – uncertainty casts shadow over economic outlook The situation in the Finnish financial sector has remained stable in the early part of the year, even though financial markets and public confidence have been buffeted by US tariffs, the threat of a slowdown in economic growth and other geopolitical tensions. The situation with regard to cyber threats has remained largely calm in Finland, but fraud and phishing for bank credentials have increased, highlighting the need for vigilance by both financial sector entities and customers. The uncertain economic and geopolitical situation will continue to affect the operating environment.fin-fsa press release financial sector solvency
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Press releaseUse of basic banking services focused on digital channels – price level remained broadly unchanged An assessment by the Financial Supervisory Authority (FIN-FSA) shows that, overall, the right of customers to basic banking services was fulfilled appropriately in 2024. The data used in the survey reflect the situation at 31 December 2024.fin-fsa press release banking services basic banking services survey
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Supervision releaseThematic review of the use of AI in the financial sectorArtificial intelligence
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Supervision releaseThe FIN-FSA Board’s new macroprudential strategy emphasises the risk resilience of the financial system more strongly than beforeMacroprudential politics
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Supervision releaseAmendments to FIN-FSA Regulations and guidelines 20/2013 and 26/2013EBA COREP Regulations and Guidelines reporting
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Supervision releaseA summary of the risk assessment of money laundering and terrorist financing for the life insurance sector has been publishedmoney laundering and terrorist financing risk assessment insurance sector
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Supervision releaseAmendments to regulations and guidelines 2/2023 on the prevention of money laundering and terrorist financingRegulations and Guidelines Prevention of money laundering and terrorist financing crypto-asset service providers