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 releaseMacroprudential decision: Housing loan cap and countercyclical capital buffer requirement for banks to remain unchanged
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Press releaseCombined penalty payment of EUR 70 000 to Familiam Asset Management Oy for omissions in reporting The Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment of EUR 70 000 on Familiam Asset Management Oy for omissions in transaction reporting and regular reporting.press release fin-fsa penalty payment
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Press releaseFinnish financial sector’s capital position remains strong – regulatory simplification must not weaken resilience Despite the uncertain operating environment, the solvency of Finland’s financial sector remained strong in 2025. The banking sector's capital ratios were higher than in 2024, and the employee pension sector's solvency ratio also strengthened. Life and non-life insurance sector solvency remained good. Geopolitical tensions are maintaining uncertainty in the financial markets and are casting a shadow over economic recovery. The weakness of the business cycle has boosted calls for easing regulation, but this must not be done at the cost of resilience.press release fin-fsa financial sector
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Press releaseNew consumer credit providers and consumer credit intermediaries to come under the supervision of the Financial Supervisory Authority New consumer credit providers and consumer credit intermediaries will come under the supervision of the Finnish Supervisory Authority (FIN-FSA). At the same time, the obligation to register as a credit provider is also extended to cover some of the FIN-FSA’s present supervised entities that provide consumer credits.press release fin-fsa consumer credits consumer credit providers consumer credit intermediaries
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Press releaseMacroprudential decision: No change to housing loan cap and countercyclical capital buffer requirement for banks
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Supervision releaseEBA Guidelines on environmental scenario analysis – applicable from 1 January 2027EBA environmental scenario analysis guidelines
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Supervision releaseSanctions risk assessment updated: payment service providers have the most room for improvement in measures to comply with sanctions regulations and national freezing ordersrisk assesment sanctions payment service providers AML Act
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Supervision releaseNew model for submitting financial information in payment institutions’ authorisation applicationspayment institutions financial information authorisation applications
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Supervision releaseFIN-FSA’s thematic review of sanctions screening completed – supervised entities must pay attention to system testing and timeliness of sanctions liststhematic review credit institutions payment service providers sanctions screening
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Supervision releaseNew consumer credit providers and consumer credit intermediaries to come under the supervision of the Financial Supervisory Authorityconsumer credit providers consumer credit intermediaries oblication to register