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Following the recent regulation guidelines in the European Union, Finland has just became more open towards foreign nationals, as of 1st of January any EU citizen to open a bank account in any of its banks.

Such countries as Finland are very well known for protecting rights and providing humans with all of their basic needs. Finland has been looking into granting any individual access to the Internet, as the country sees it as a basic human need. Today it is hard to imagine how one can live without a proper access to banking, and as we are moving more into the cashless society, access to the bank accounts and debit / credit cards becomes vital for survival.

As reported by, Finland has been known for refusing bank account applications by various groups of people such as individuals with poor credit history, refugees, unemployed and so on. Such procedures have, of course, resulted in numerous complains to the Finnish banking regulators.

Similar to other developed EU member states, Finland has granted access to numerous governmental services via online banking. However, as the banking infrastructure is actually in the private hands, the government has to cover huge fees.

The most probable solution here is to implement the Finnish TUPAS system, a certain way of authenticating the customer based on the data sets collected by the government. This way the government could supply the banks with the information needed for customer onboarding, and in return, it could use the banking infrastructure of authentication. On the flipside, the amount of data that a consumer has to share with the government becomes much bigger and may even include fingerprints. What makes it even less safe for the consumer’s privacy is that this data will be shared amongst EU member countries.

This way bitcoin wallets become a better alternative as they can clearly provide an easy access to financial services online, while they will also let the customers keep their privacy safe. Considering the rate at which the Finish fintech scene develops, one may expect quite a few blockchain startups launching alternative financial products.


Cover Image via gigijin