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.
Financial sector’s capital position as at 31 March 2019: Finnish financial sector’s capital position remained good
— 11/2019Press release
Virtual currency providers to be covered by supervision of anti-money laundering – Supervision will not extend investor protection to virtual currencies
— 10/2019Press release
Nordic and Baltic financial supervisors enhance cooperation to fight money laundering
— 9/2019Press release
Armi Taipale to head Capital Markets Supervision at the FIN-FSA
— 8/2019Press release
Financial Supervisory Authority strengthens anti-money laundering supervision – European supervision will also be enhanced
— 7/2019Press release
EBA, EIOPA and ESMA launch consultations on technical standards on the reporting of intra-group transactions and risk concentration for Financial Conglomerates – the consultation runs until 15 August 2019
— 24/2019Supervision release
EBA issued Guidelines on the STS criteria for securitisation
— 18/2019Supervision release
Virtual currency providers to be supervised by the FIN-FSA – briefing for virtual currency providers on 15 May
— 17/2019Supervision release
EBA published guidelines on specification of types of exposures to be associated with high risk
— 14/2019Supervision release
Applying for an exemption from maintaining a contingency mechanism for a PSD2 dedicated interface
— 12/2019Supervision release