Next generation financial services and technologies (Fintech)

The Ministry of Finance is actively monitoring developments in next generation financial services technologies both in Finland and internationally and is participating in the drafting of regulatory measures relating to them. The widespread adoption of technological innovations is expected to transform the financial markets in the future.

The Ministry of Finance is working in close collaboration with other financial market actors to create an operating environment that will permit more extensive use of financial services technologies and, thus, promote the emergence of a more vigorous financial services eco-system.

The financial services architecture of the future is expected to have positive impacts in the form of a more diverse range of financing options, cost savings and improved efficiency. However, the evolution of financial services technologies is also likely to involve uncertainties, particularly from the standpoint of ensuring financial stability and uninterrupted business on the financial markets.

New ways of acquiring and transmitting funding, such as crowdfunding, new payment methods, extensive digitalisation and the adoption of blockchain technology, pose significant new questions especially for public authorities in regard to oversight of such operations and the risk-bearing capacity of the entire financing system. New types of operators are continually emerging in the financial services sector that are not subject to the same regulatory control as more traditional operators.

The Ministry of Finance is seeking to establish equitable ground rules for all financial services operators to ensure that customer confidence in the various financial services and in the trouble-free operation and stability of all service providers can be maintained in the future.

The Financial Markets Department of the Ministry of Finance has experts who monitor and analyse developments in financial technologies. The Ministry of Finance will examine, assess and, where appropriate, promote the requirements for establishing an environment conducive to the continued development of financial services technologies and their more widespread adoption in financial markets. The aim is to ensure and improve the competitiveness of the Finnish financial markets with due regard to their stability.


Jaakko Weuro, Director, Banking and Market Infrastructure

[email protected]