FI establishes an innovation centre

FI is establishing a fintech innovation centre that will provide information to and maintain a dialogue with companies conducting innovation-based business. This centre and additional initiatives are presented in FI's report to the Government regarding an assignment.

Finansinspektionen (FI) received an assignment from the Government in March to investigate how FI could meet the the issues and needs of companies that work with the development of innovative financial services. FI is presenting the results of this assignment in its report, FI's role regarding innovation.

The innovation centre will serve as the natural first point-of-contact at FI for companies that are unsure of the rules, processes and principles that apply on the financial market in conjunction with innovation. The objective of the centre is to help companies more simply and quickly receive the information they need to progress. The centre will also arrange and participate in seminars and similar events.

By establishing an innovation centre, FI will improve its possibilities for following the developments on the financial market. The authority becomes a natural part of the discussion when regulations and FI's processes are perceived as unclear in light of an innovation. This contributes to better supervision and further enhances consumer protection.

FI will also continue to work with other requests expressed by the companies, for example a more transparent authorisation process. FI also intends to issue guidelines on how to use cloud services.

FI believes that the measures presented in the report will be able to remove the hinders the companies are experiencing both in the short term and in the long term.