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RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
Finland's generally positive and forward-looking attitude towards FinTech extends to the RegTech sector also. However, there are currently no dedicated InsurTech companies operating in the country.
Legal affairs
Obligations and requirements to provide RegTech-services
There is no RegTech specific regulation in Finland. The applicable regulation depends on the services and business are of the RegTech-service provider.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for RegTech-services and biggest companies in this business area
However, there is currently only one dedicated RegTech service provider operating in the country, RegTech Ab Oy which is part of the Svea Bank.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A