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.
The Financial Supervisory Authority granted five registrations as virtual currency provider – scope of supervision is the prevention of money laundering
— 23/2019Press release
Financial Supervisory Authority: Pension insurance companies must remain within their field of business
— 22/2019Press release
Macroprudential decision: Loan cap and risk weight floor for residential mortgage loans unchanged - High level of debt increases households’ vulnerability to weakening economic situation
— 21/2019Press release
FIN-FSA imposes penalty payment of EUR 1 450 000 on Afarak Group Plc for failures relating to disclosure of inside information and maintenance of insider lists
— 20/2019Press release
The European Systemic Risk Board recommends new borrower-based macroprudential measures to Finland – recommendations and warnings also to 10 other EEA countries
— 19/2019Press release
Regulations and guidelines 8/2014 Management of operational risk in supervised entities of the financial sector updated
— 59/2019Supervision release
Financial Supervisory Authority complies with EBA-proposed additional time for strong customer authentication in e-commerce card-based payments – requirements must be implemented by 31 December 2020
— 54/2019Supervision release
Mandatory indemnity insurance for insurance brokers – both the broker and the company providing insurance must ensure the legal coverage of indemnity insurance
— 51/2019Supervision release
Financial Supervisory Authority permits temporary exemptions for implementation of strong customer authentication in online card payments
— 47/2019Supervision release
Regulations and guidelines related to the Capital Requirements Regulation enter into force on 1 September 2019
— 42/2019Supervision release