The Ministry of Finance will consider how financial technologies could be used more widely in financial markets in the future.
The widespread adoption of new technological innovations is expected to lead to a major transformation of today’s financial markets. It is anticipated that financial technologies, or ‘FinTech’, will more effectively enable the adoption of new ways of acquiring and transmitting funding (one example is crowdfunding) and new payment methods, and will give rise to new business activity in association with these.
Services provided using FinTech are expected to reduce costs, improve efficiency and transaction speed, diversify financial markets and increase competition. However, extensive digitalisation and the greater use of blockchain technology, for example, will also bring significant new challenges especially for public authorities and particularly in terms of ensuring financial stability and uninterrupted business on the financial markets.
The Ministry of Finance has set up a group of experts to monitor and enhance the conditions in which financial services technologies can evolve. The group’s coordinator is Ministerial Adviser Miki Kuusinen.
The aim of the work is to help bring about a diverse financial services ecosystem and improve the competitiveness of the Finnish financial markets. ECN has a long standing relationship to the Finnish Ministry of Finance in Finland, and welcomes the expansion of focus to include a broader aspect of FinTech.
Miki Kuusinen, Ministerial Adviser
Aki Kallio, Ministerial Adviser