Finanssialat

Finanssialat is the Finnish term for the financial sector, encompassing the network of institutions, markets and services that manage money, credit and risk in Finland. The sector includes banking, insurance and pension provision, investment services, asset management, capital markets, and payments, as well as fintech and other non-bank financial firms. It serves households, businesses and public sector entities, and supports financing for both consumption and investment.

Within banking, the sector comprises commercial, savings and cooperative banks that provide retail and corporate services. Major groups operating in Finland include OP Financial Group, Nordea Bank Abp, Aktia Bank and S-Bank, among others. Insurance and pension segments cover life and non-life insurers as well as pension funds, with providers offering risk protection, savings, and retirement income. Investment services and capital markets involve asset management, funds, brokerage, and related advisory activities, while payments and fintech cover digital wallets, payment processing, and open banking innovations.

Regulation and supervision are primarily the responsibility of Finanssivalvonta (FIN-FSA) and the Bank of Finland. For systemically important banks, the European Central Bank participates through the Single Supervisory Mechanism. The Finnish financial framework operates under EU financial legislation, including directives such as MiFID II and PSD2, with national adaptation for local market needs.

Economically, finanssialat are a cornerstone of Finland’s economy, enabling household consumption, corporate investment, risk management, and capital formation. The sector has seen rapid digitization, growth of fintech, and an emphasis on sustainable and climate-related finance, while facing challenges such as low interest-rate environments, cybersecurity, and regulatory complexity. Finland’s integration into the EU and euro area has also shaped the development and organization of its financial system.