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 capital buffer requirements for banks remain unchanged
Press release
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Financial sector's capital position as at 31 March 2024: Finnish financial sector’s solvency remained strong in an uncertain operating environment
The Finnish economy moved from recession to very sluggish growth in the early months of the year, but the financial sector's operating environment is still marked by uncertainty. Despite the weakness of the economy, the banking sector's capital position has remained strong, although in both household and corporate credit the share of stage 2 loans has been growing. The solvency ratio of employee pension institutions strengthened in the first quarter, but that of life and non-life insurance companies weakened slightly. Geopolitical tensions remain and the outlook for interest rates is uncertain, which increases the financial sector’s risks.Press release
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FIN-FSA surveyed the availability and pricing of basic banking services - no significant changes in availability or pricing compared with the past
The right of customers to basic banking services as specified in law is mainly fulfilled well in Finland. According to an assessment by the Financial Supervisory Authority (FIN-FSA), in 2023, basic banking services continued to be readily available and, for the most part, reasonably priced. The data used in the survey are based on the situation as at 31 December 2023.Press release
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Penalty payment of EUR 15,000 to Alami Services Oy for failures in compliance with AML regulation
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 15,000 on Alami Services Oy, a money remittance service provider, for having failed to report to the Financial Intelligence Unit individual or linked payments or remittances with a value of at least EUR 1,000. The reporting is mandatory and concerns each instance of exceeding the sum threshold of EUR 1,000.Press release
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Penalty payment of EUR 25,000 to Roble Services Oy for failures in compliance with AML regulation
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 25,000 on Roble Services Oy for having failed to prepare an adequate risk assessment and to adequately assess the risks of money laundering and terrorist financing involved in customer relationships.Press release
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Standards 4.4c “Management of market risk” and 4.4d “Management of liquidity risk” have been repealed
Supervision release
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Amendment to Regulations and guidelines 1/2011 Submission of electronic supervisory data of entities operating in the insurance markets
Supervision release
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Amendments to FIN-FSA regulations and guidelines 4/2023
Supervision release
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EBA Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under Directive (EU) 2021/2167
Supervision release
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Standard RA1.1 on the reporting of intra-group transactions has been replaced by new regulations and guidelines 1/2024
Supervision release