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.
ECB concludes comprehensive assessment of Nordea Bank Abp
— 15/2019Press release
Macroprudential decision: Credit institutions’ systemic risk buffers unchanged
— 14/2019Press release
FIN-FSA statement: Changes to the use of online banking code lists
— 13/2019Press release
FIN-FSA ordered supplementary amounts of conditional fine imposed on Danko Koncar payable
— 12/2019Press release
Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
— 11/2019Press release
EIOPA launches two consultations: outsourcing to cloud service providers and Solvency II supervisory reporting and public disclosure
— 39/2019Supervision release
EBA published a consultation on 27 June on its technical standards related to market risk as well as a data collection and roadmap to upcoming regulation
— 36/2019Supervision release
Providing equity savings accounts and equity savings account agreements to customers
— 35/2019Supervision release
FIN-FSA regulations and guidelines 4/2019 concerning virtual currency providers enter into force on 1 July 2019
— 34/2019Supervision release
Reporting of fraud data related to payment services
— 33/2019Supervision release