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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Helsinki Administrative Court rejected Afarak Group Plc’s appeal on penalty payment imposed by FIN-FSA
Press release
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Nordic-Baltic countries engage the IMF to conduct an analysis of cross-border money laundering and terrorist financing risks in the region
Press release
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Attention must be paid in investor material about investment-based crowdfunding to describing risks and financial situation
Press release
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New recommendation by FIN-FSA on distribution of credit institutions’ profits
Press release
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Macroprudential decision: Uncertain economic outlook continues, housing loan cap and banks’ additional capital requirements remain unchanged
Press release
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Decision of the Board of the Financial Supervisory Authority on minimum risk weight for residential mortgage loans in Sweden
Supervision release
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Amendments to FIN-FSA Regulations and guidelines Common European Reporting (COREP) and Regulations and guidelines related to the Capital Requirements Regulation
Supervision release
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Amendments to FIN-FSA Regulations and guidelines 1/2021 G-SII guidelines
Supervision release
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Updated EBA Guidelines on general loan payment moratoria applied in the light of the COVID-19 crisis incorporated into FIN-FSA’s set of regulations and guidelines
Supervision release
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Sending confidential information to FIN-FSA as secure email
Supervision release