Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


Course is designed to give student wide perspective to advances in Financial Technology and their relation to rapid changes in Financial Services Industry. Course gives both practical and theoretical insides to digital transformation, change in regulation and emerging technologies in Financial Services Industry. Course gives insight into how financial companies are adopting and using financial technology innovation and the potential for partnerships between incumbents, start-ups and investors.

After the course student have better understanding in Financial Technology Industry and better capabilities to work in FinTech startups and technology driven assignments in banking, insurance, and investment management industry.

Credits: 6

Schedule: 19.04.2022 - 02.06.2022

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Timo Penttilä

Contact information for the course (applies in this implementation):

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    Topics covered in lectures and by visiting industry experts include

    • Digital transformation of Financial Services Industry

    • Emerging technologies in Financial Services Industry

    • Fintech (financial industry) regulation

    • Responsible Innovation

    • Academic research in Fintech

Assessment Methods and Criteria
  • valid for whole curriculum period:

    1) Assignments (individual) (60%) a) Term-papers on quest lectures b) Book summary 2) 2. Case study (group) (40%)

  • valid for whole curriculum period:

    Contact teaching, 24 h
    Independent study and case work, 136 h


Study Material
  • valid for whole curriculum period:

    Lecture notes, academic articles, and textbooks:

    1. Fintech entrepreneurship

    a. FinTech Founders: Inspiring Tales from the Entrepreneurs that are Changing Finance By Agustín Rubini and Susane Chisti or

    b. Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity by Karen G. Mills

    2. Emerging technologies and regulation

    a. Bank 4.0: Banking Everywhere, Never at a Bank by Brett King or

    b. Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies by Neel Mehta, Aditya Agesha, and Parth Detroja or

    c. A Guide to Financial Regulation for Fintech Entrepreneurs by Stephan Loech

    3. Selected academic articles (see samples with good literature reviews below)

    Kavuri, Anil & Milne, Alistair. (2019). Fintech and the Future of Financial Services: What Are the Research Gaps?. SSRN Electronic Journal. 10.2139/ssrn.3333515.

    Breidbach, Christoph & Keating, Byron & Lim, Chiehyeon. (2020). Fintech: research directions to explore the digital transformation of financial service systems. Journal of Service Theory and Practice. 30. 79-102. 10.1108/JSTP-08-2018-0185.

Substitutes for Courses


Further Information
  • valid for whole curriculum period:

    The course is an advanced level course for MSc students in business, engineering, and related field of study.

    A maximum of 70 students can be accepted to the course.

    Students at Aalto Finance M.Sc. programme (i.e., who have graduated as B.Sc.) will be guaranteed a seat on Finance M.Sc. courses.

    Remaining seats are prioritized as follows:

    1. Finance M.Sc. exchange students from other universities and CEMS students

    2. Aalto Finance B.Sc. students with a finished B.Sc. thesis (registered in transcript of records)

    3. All other M.Sc. students at the School of Business

    4. All other M.Sc. students at Aalto

    Please carefully follow the registration deadlines of the courses and exams! Missing registration deadline automatically foregoes a guaranteed seat for Finance M.Sc. courses and puts prospective student at the bottom of the prioritization list.