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 Supervisory Authority strengthens anti-money laundering supervision – European supervision will also be enhanced
— 7/2019Press release
Interpretation on shares as repayable funds
— 6/2019Press release
Macroprudential decision: Slowing economic growth underlines careful assessment of borrowers’ ability to pay
— 5/2019Press release
Financial position and risks of supervised entities as at 31 December 2018: Finnish financial sector's capital position remained good, despite a steep decline in share prices
— 4/2019Press release
FIN-FSA Annual Report 2018: Supervision of anti-money laundering and digitalisation has been strengthened
— 3/2019Press 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
The FIN-FSA’s regulations and guidelines 2/2019 related to the EBA Guidelines on institutions’ stress testing, to take effect on 26 March 2019
— 11/2019Supervision release
Amendments to the Guidelines on the management of interest rate risk arising from non-trading activities to take effect on 30 June 2019
— 10/2019Supervision release
Thematic evaluation of key information documents required by PRIIPs regulation
— 2/2019Supervision release