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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Room for development remains in UCITS liquidity management
Press release
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Macroprudential decision: FIN-FSA will not tighten macroprudential requirements but will closely monitor mortgage lending
Press release
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Finnish financial sector remained stable in 2020 - Risks in the operating environment mean continued uncertainty in the sector
Press release
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FIN-FSA appoints authorised representative to supervise the activities of Privanet Securities Ltd
Press release
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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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Discussion paper on the feasibility study of an integrated reporting system out for consultation – submission of comments by 11 June 2021
Supervision 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