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: Loan cap remains at 85%, no changes to banks’ countercyclical capital buffer requirement
Press release
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FIN-FSA imposes a penalty payment and a public warning on POP Bank Centre coop
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment on POP Bank Centre coop for omissions in the management of the amalgamation’s operational risks. The FIN-FSA has also imposed a public warning on POP Bank Centre coop for breaches of the obligation to control and supervise the amalgamation.Press release
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FIN-FSA imposes a penalty payment of EUR 1,650,000 on S-Bank Plc for omissions in the detection of suspicious transactions
The Financial Supervisory Authority (FIN-FSA) has imposed on S-Bank Plc a penalty payment of EUR 1,650,000. The Bank has between July 2016 and November 2018 failed to comply with the obligations related to the monitoring arrangements of customer trading activities as required by the EU’s Market Abuse Regulation.Press release
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Finnish financial sector is stable - economy is recovering but risks remain high
The Finnish financial sector remained stable in the first half of 2021. Economic recovery and investment market developments supported the profitability of the Finnish financial sector. The pandemic continues to perpetuate uncertainty in the economy and financial markets. For this reason, it is important that the capital position and liquidity of the financial sector remain strong.Press release
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Results of the EU-wide stress tests: Finnish banking sector’s solvency would withstand a strong weakening in the operating environment
On 30 July 2021, at 19.00 Finnish time, the European Banking Authority (EBA) published the results of its EU-wide stress test exercise to assess the resilience of significant banks to possible changes in the operating environment. The stress tests measured the impact of an unlikely but plausible strong weakening in the operating environment on the profits and capital ratios of large European banks. In the stress tests, the banks assessed the impact on their profit and capital position in accordance with common guidelines and methodology, and based on figures at the end of 2020.Press release
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FIN-FSA recommendation on compliance with EBA ML/TF Risk Factors Guideline
Supervision release
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Financial Supervision Authority will not extend its recommendation for insurance companies to refrain from dividend distributions
Supervision release
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Responsibility and participation in decision-making of deputy members of the board of insurance companies
Supervision release
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Conditions concerning users of direct electronic access from third countries added to FIN-FSA regulations and guidelines 14/2013
Supervision release
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ESMA has issued new guidelines concerning fund management companies and alternative investment fund managers
Supervision release