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.
FIN-FSA imposes penalty payments to three companies for delays in notification of major holdings
— 1/2019Press release
Macroprudential decision: Nordea Bank Oyj will not become a global systemically important credit institution (G-SII) as of 1 January 2020
— 33/2018Press release
Macroprudential decision: Countercyclical capital buffer rate and loan cap unchanged, importance of assessing financial margin underlined
— 32/2018Press release
Finnish insurance sector would maintain its solvency in weakening of investment markets
— 31/2018Press release
Anneli Tuominen continues as Director General of the Financial Supervisory Authority
— 30/2018Press release
Thematic evaluation of key information documents required by PRIIPs regulation
— 2/2019Supervision release
ITS on Reporting for credit institutions as of 31 December 2018 | EBA Reporting framework 2.8 (DPM 126.96.36.199) | EBA
— 1/2019Supervision release
Financial Supervisory Authority’s new website
— 56/2018Supervision release
Amendment to Regulations and guidelines 1/2011 "Submission of electronic supervi-sory data of an entity operating in the insurance markets to the FIN-FSA"
— 55/2018Supervision release
Reporting on risks and controls concerning anti-money laundering and countering the financing of terrorism – data to be submitted by 31 March 2019
— 54/2018Supervision release