FinTech – Financial sector innovations

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.

  • Press release
    Combined 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
  • Press release
    Finnish financial sector’s capital position remains strong – regulatory simplification must not weaken resilience Despite the uncertain operating environment, the solvency of Finland’s financial sector remained strong in 2025. The banking sector's capital ratios were higher than in 2024, and the employee pension sector's solvency ratio also strengthened. Life and non-life insurance sector solvency remained good. Geopolitical tensions are maintaining uncertainty in the financial markets and are casting a shadow over economic recovery. The weakness of the business cycle has boosted calls for easing regulation, but this must not be done at the cost of resilience.
    press release fin-fsa financial sector
  • Press release
    New consumer credit providers and consumer credit intermediaries to come under the supervision of the Financial Supervisory Authority New consumer credit providers and consumer credit intermediaries will come under the supervision of the Finnish Supervisory Authority (FIN-FSA). At the same time, the obligation to register as a credit provider is also extended to cover some of the FIN-FSA’s present supervised entities that provide consumer credits.
    press release fin-fsa consumer credits consumer credit providers consumer credit intermediaries
  • Press release
    Capital position of Finnish financial sector is strong – many uncertainties remain in operating environment Despite expectations, the Finnish economy has not picked up, although business confidence, among other things, has continued to rise. In addition to economic apathy, the financial sector's operating environment is threatened by the weak state of public finances, geopolitical risks, and concerns about the sustainability of securities prices. The capital position of the Finnish banking sector remained strong in the third quarter, however, even though a decline in net interest income weakened the financial result. The solvency of the employee pension and insurance sectors also remained strong as investment returns improved; despite the risks, market sentiment remained predominantly positive.
    press release fin-fsa capital position financial sector
  • Press release
    FIN-FSA recommends measures for banks to take to improve online payment security – EU’s Instant Payments Regulation speeds up payments but also increases risks The Financial Supervisory Authority (FIN-FSA) recommends to banks operating in Finland several measures for improving the security of online payments, covering matters such as security limits and fraud monitoring. The recommendations are based on the results of a FIN-FSA follow-up assessment conducted in spring 2025, in which it examined, among other things, the controls and processes for online payment security in credit institutions. The EU’s Instant Payments Regulation (IPR) enters into force today, 9 October 2025, speeding up payment transactions in the euro area and improving security through payee verification.
    press release financial sector fin-fsa banking sector