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.
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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.
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Macroprudential decision: Housing loan cap and countercyclical capital buffer requirement for banks remain unchanged
Press release
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FIN-FSA’s assessment: some consumer lenders fail to manage default risks adequately, shortcomings also in contract terms
Press release
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Payment-related frauds and scams are a growing phenomenon – Financial Supervisory Authority investigation reveals scope for improving security of banking transactions
Press release
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Strong year in financial sector despite uncertain operating environment – economic developments and geopolitical situation the most significant risks also in 2024
Press release
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Standard RA1.1 on the reporting of intra-group transactions has been replaced by new regulations and guidelines 1/2024
Supervision release
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Regulations and guidelines of standard 1.5 on the supervision of financial and insurance conglomerates have been repealed
Supervision release
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Consumer lenders have various shortcomings in AML/CFT risk management; registered information on supervised entities assessed and updated
Supervision release
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Thematic review: Greenwashing risk taken into account in a relatively limited manner in investment fund activities
Supervision release
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Amendment to EBA Guidelines on specification and disclosure of systemic importance indicators – application begins on 20 May 2024
Supervision release