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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Press releaseSlight improvement in availability of basic banking services in 2025 – banks must ensure affordable services for those who do not use digital services According to a survey by the Financial Supervisory Authority (FIN-FSA), the availability of basic banking services improved slightly in 2025. The contraction of the branch network nearly stopped and the number of ATMs started to increase.fin-fsa press release basic banking services
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Press releaseInstant payments are becoming more common in banking services – FIN-FSA recommends stronger practices to prevent fraud According to a thematic review conducted by the Financial Supervisory Authority (FIN-FSA), instant credit transfer services in Finland mainly work well. The review indicates, however, that customer communication does not in all respects meet regulatory requirements, and particular attention must be paid to developing this. The FIN-FSA recommends to banks several means to strengthen payment security.press release fin-fsa banks
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Press releasePenalty payment of EUR 115 000 to Pareto Securities Ltd for omissions in transaction reporting The Financial Supervisory Authority (FIN-FSA) has imposed on Pareto Securities Ltd a penalty payment of EUR 115 000 for omissions in transaction reporting.
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Press releaseFIN-FSA obliges Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register – enforced by running conditional fine The Financial Supervisory Authority (FIN-FSA) has, by a decision issued on 11 March 2026, obliged Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register. To enforce the obligations stated in the decision, it has imposed a running conditional fine. The base amount of the conditional fine is 10,000 euro and supplementary amount 5,000 euro per each full month during which the obligation is not complied with.fin-fsa press release
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Press releaseCombined penalty payment of EUR 70 000 to Familiam Asset Management Oy for omissions in reporting The Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment of EUR 70 000 on Familiam Asset Management Oy for omissions in transaction reporting and regular reporting.press release fin-fsa penalty payment
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Supervision releaseFinancial Supervisory Authority reminds supervised entities of their obligation to submit correct and checked supervisory datasupervised entitites supervisory data regulatory reporting oblication
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Supervision releaseAmendments to FIN-FSA regulations and guidelines 4/2023regulations and guidelines sanctions regulation The Instant Payment Regulation customer due diligence
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Supervision releaseFinancial Supervisory Authority’s priorities in 2025 remain the soundness of supervised entities’ governance and responding to uncertainties in the operating environment – summaries of inspection results to be made available on websiteSupervisory priorities Risk resilience Sound governance
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Supervision releaseJoint Guidelines on the oversight cooperation and information exchange between the ESAs and the competent authorities – applicable as of 6th January 2025EBA ESMA EIOPA oversight cooperation information exchange
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Supervision releaseApplication of EU Regulation on Markets in Crypto Assets begins, but companies already operating in the European market are subject to various transitional periods – customers should bewarecrypto-assets