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.

  • Request by the FIN-FSA for police investigation concerning Oma Savings Bank

    The Financial Supervisory Authority (FIN-FSA) has filed a request to the police for criminal investigation concerning suspected securities market offences related to Oma Savings Bank Plc. At the same time, the FIN-FSA is examining the need to impose administrative sanctions on the bank. The FIN-FSA is monitoring the bank's activities closely to ensure the reliable governance of the company. The bank’s financial situation is stable, and it has good liquidity and capital adequacy.

    The corresponding Finnish-language press release was published on 3 May 2024.

    Press release
    request to the police securities market offence bank
  • Macroprudential decision: Housing loan cap and countercyclical capital buffer requirement for banks remain unchanged
    Press release
    loan cap risk weight floors
  • FIN-FSA’s assessment: some consumer lenders fail to manage default risks adequately, shortcomings also in contract terms
    The Financial Supervisory Authority (FIN-FSA) has reviewed the management of default risks and conduct by parties granting consumer credit in Finland. Significant differences were identified among the market participants in the management of default risk: other lenders that were transferred under FIN-FSA supervision in July 2023 have significantly more shortcomings in their credit granting practices in comparison with banks. Furthermore, some of the other consumer lenders do not fully comply with legislation on consumer lending in their contract terms. The FIN-FSA will require these entities to remediate the shortcomings identified in the reviews.
    Press release
  • Payment-related frauds and scams are a growing phenomenon – Financial Supervisory Authority investigation reveals scope for improving security of banking transactions
    Various payment-related frauds and scams have been sharply increasing in recent years. The means used by criminals are also constantly evolving. According to an investigation by the Financial Supervisory Authority (FIN-FSA), there is scope for improving the security of banking transactions, for example by developing security restrictions on online banking and mobile payments and by more effectively monitoring and blocking fraudulent transactions. Users of services themselves also bear responsibility.
    Press release
    Press release banking services
  • Strong year in financial sector despite uncertain operating environment – economic developments and geopolitical situation the most significant risks also in 2024
    Despite the gloomier operating environment, the financial sector’s capital position remained strong in 2023. Despite the increase in credit risks in corporate and household loans, the Finnish banking sector's non-performing loans and loan losses were still among the lowest in Europe. In the insurance sector, too, solvency remained good, albeit weakening slightly. In the employee pension sector, the increase in the share of equity investments to nearly half of the investment allocation weakened stress resilience, which nevertheless remained reasonable. Economic developments and the geopolitical situation are still subject to significant risks and vulnerabilities, protection against which will be provided by the strong capital and liquidity position of the supervised entities as well as high-quality risk management and preparedness.
    Press release
    FIN-FSA Press release capital position financial sector