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 releaseCapital position of Finnish financial sector remained strong – uncertainty casts shadow over economic outlook The situation in the Finnish financial sector has remained stable in the early part of the year, even though financial markets and public confidence have been buffeted by US tariffs, the threat of a slowdown in economic growth and other geopolitical tensions. The situation with regard to cyber threats has remained largely calm in Finland, but fraud and phishing for bank credentials have increased, highlighting the need for vigilance by both financial sector entities and customers. The uncertain economic and geopolitical situation will continue to affect the operating environment.fin-fsa press release financial sector solvency
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Press releaseUse of basic banking services focused on digital channels – price level remained broadly unchanged An assessment by the Financial Supervisory Authority (FIN-FSA) shows that, overall, the right of customers to basic banking services was fulfilled appropriately in 2024. The data used in the survey reflect the situation at 31 December 2024.fin-fsa press release banking services basic banking services survey
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Press releasePenalty payment of EUR 500,000 to LocalBitcoins Oy for failures to comply with anti-money laundering regulations The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 500,000 on LocalBitcoins Oy for failures in identifying and verifying the identities of customers when establishing a permanent customer relationship.press release fin-fsa penalty payment anti-money laundering localbitcoins oy
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Press releaseCombined penalty payment of EUR 1,000,000 for Alexandria Group Plc
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Press releaseA Decision Appendix has been added: Combined penalty payment of EUR 7,670,000 and public warning for S-Bank Plc
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Supervision releaseAmendments to regulations and guidelines 2/2023 on the prevention of money laundering and terrorist financingRegulations and Guidelines Prevention of money laundering and terrorist financing crypto-asset service providers
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Supervision releaseNew regulations and guidelines on the management of default risks in consumer lending enter into force on 1 June 2025Regulations and Guidelines consumer lending management of default risks
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Supervision releaseEBA Guidelines on the establishment and maintenance of national lists or registers of credit servicers under Directive (EU) 2021/2167EBA guidelines credit servicers
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Supervision releaseEBA Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under Directive (EU) 2021/2167EBA guidelines management or administrative organ
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Supervision releaseEBA Guidelines on ensuring compliance with EU and national restrictive measures – applicable from 30 Dec 2025EBA guidelines Regulations and Guidelines