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.

  • FIN-FSA imposes a penalty payment and a public warning on POP Bank Centre coop
    The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment on POP Bank Centre coop for omissions in the management of the amalgamation’s operational risks. The FIN-FSA has also imposed a public warning on POP Bank Centre coop for breaches of the obligation to control and supervise the amalgamation.
    Press release
    FIN-FSA Penalty payment POP Bank Centre coop Press release Public warning
  • FIN-FSA imposes a penalty payment of EUR 1,650,000 on S-Bank Plc for omissions in the detection of suspicious transactions
    The Financial Supervisory Authority (FIN-FSA) has imposed on S-Bank Plc a penalty payment of EUR 1,650,000. The Bank has between July 2016 and November 2018 failed to comply with the obligations related to the monitoring arrangements of customer trading activities as required by the EU’s Market Abuse Regulation.
    Press release
    FIN-FSA Penalty payment Press release
  • Finnish financial sector is stable - economy is recovering but risks remain high
    The Finnish financial sector remained stable in the first half of 2021. Economic recovery and investment market developments supported the profitability of the Finnish financial sector. The pandemic continues to perpetuate uncertainty in the economy and financial markets. For this reason, it is important that the capital position and liquidity of the financial sector remain strong.
    Press release
    Banking sector FIN-FSA Life insurance Non-life insurance Pension sector Press release Solvency
  • Results of the EU-wide stress tests: Finnish banking sector’s solvency would withstand a strong weakening in the operating environment
    On 30 July 2021, at 19.00 Finnish time, the European Banking Authority (EBA) published the results of its EU-wide stress test exercise to assess the resilience of significant banks to possible changes in the operating environment. The stress tests measured the impact of an unlikely but plausible strong weakening in the operating environment on the profits and capital ratios of large European banks. In the stress tests, the banks assessed the impact on their profit and capital position in accordance with common guidelines and methodology, and based on figures at the end of 2020.
    Press release
    banks FIN-FSA Press release stress tests
  • FIN-FSA decides not to extend its recommendation on distribution of credit institutions’ profits beyond 30 September 2021
    The Financial Supervisory Authority (FIN-FSA) has decided not to extend its recommendation on the distribution of credit institutions’ profits beyond 30 September 2021. The recommendation expires as to both profit distribution and variable remuneration. Credit institutions’ decisions on profit distribution should take place after 30 September 2021.
    Press release
    Bank Credit institution Dividend distribution ECB FIN-FSA Press release Recommendation