Published On: Wed, Jun 13th, 2018

Government Pushes for Fintech Revolution in Estonia

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Estonia is well-known in Europe for being a highly developed country in the tech space with approximately 30.6 startups per 100,000 inhabitants. The country is now poised to become a leading fintech hub.
Digital innovators like Skype and TransferWise, as well as initiatives such as e-Government and e-Residency, have earned Estonia such praise. Skype, the world’s largest peer-to-peer communications platform, was acquired by eBay for US$2.6 billion in 2005. Payment startup TransferWise, which has since relocated to London, raised US$396.4 million in funding and is now part of the unicorn club.
Government push
The Estonia government has been supporting the ecosystem and has helped it gain momentum. The e-Estonia initiative, for instance, is a movement by the public sector to facilitate citizen interactions with the state through the use of electronic solutions. E-services created under the initiative include i-Voting, e-Tax Board, e-Business, e-Banking, e-Ticket, e-School, University via internet, and the famous e-Residency program, which made Estonia the first country in the world to offer electronic residency to people from outside the country back in 2014.
Under the e-Residency program, non-residents can apply to have a smart ID card, providing the same access to Estonia’s various electronic services that a …

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