Open Banking in Finland

Finland transposed PSD2 into national law with the Finanssivalvonta (FIN-FSA) as the supervisory authority. Finnish banks including OP Financial Group, Nordea (Finland), and Aktia have implemented open banking APIs using Berlin Group NextGenPSD2 standards.

Finland's digitally advanced society, with 96% internet penetration and widespread use of strong electronic identification (Finnish Trust Network), provides excellent infrastructure for open banking. The country's experience with bank-based digital identity systems dates back decades, giving consumers and businesses familiarity with digital authentication.

Finland's fintech ecosystem, while smaller than Sweden's, includes innovative companies in payment technology and financial data services. The Finnish government's supportive stance toward digitalization and cross-Nordic collaboration on financial infrastructure creates favorable conditions for open banking adoption and innovation.