Financial innovation

The EFSA is a supervision authority which strategic role regarding financial innovation is to:

  • analyse potential supervisory areas;
  • address the opportunities and risks involved with financial innovation.

We are constantly monitoring the area of financial innovation, reacting to the distortions of the products, assessing risks and taking proportionate measures without hindering the innovation.

Monitoring the rapidly evolving area of FinTech requires continuous collaboration between the supervision authority and the FinTech companies. The result of the collaboration is a faster information exchange which facilitates the work of the EFSA, but also helps the FinTech companies to specify the scope of their planned products or services and better understand the legal framework thereto.

Provision of certain financial services requires authorisation. Some of the FinTech start-ups may perceive this as a somewhat hurdle to their operation. The EFSA functions here as a partner, helping the company to overcome preliminary obstacles caused by the complexity of legal framework when putting their innvoative ideas to use. By involvement with the financial innovation area the EFSA aims to facilitate the developement of innovative financial services and products which in a broader perspective would mean more efficient financial market and improving Estonian competitiveness.

How do we support

A company that uses or plans to use innovative technologies in its financial services or products shall receive the following support:

  • Direct contact with a specialist, whose task would be to understand the business plan and help to find answers to potential questions thereto.
  • Guidance regarding the relevant legal framework.
  • Help in qualifying the service and direction to the authorisation proceedings.
  • We address the legal barriers hindering the development of innovative financial technology.


In order to enhance the financial innovation, the EFSA has established an in-house FinTech working group consisting of various specialists from the EFSA and Estonian Central Bank.

If you feel that by virtue of our position, you could benefit from our assistance, please do not hesitate to contact us. You may contact us by sending an e-mail to or by phone +(372) 6680 572.

Please note that when requesting a meeting or contacting us regarding your business plan, please describe in your e-mail at least the following:

  • Detailed description of the product/service to be provided
  • The innovative aspect of the product/service
  • Customer benefit of the product/service
  • Target groups and target markets
  • Timeline for the developent of the product/service
  • Provisional legal analysis about the applicable legislation
  • Company risks and risk management
  • Risks to the customer
  • Capital/funding of the business


The EFSA does not provide legal advice. The members of the FinTech working group shall make reasonable efforts to explain the legal framework with the emphasis on fast and direct communication. The explanations shall be based and limited on the information provided by the company in that moment. The positions expressed by the FinTech working group members shall not be considered as the EFSA’s official opinion or approval/disapproval. The EFSA’s official positions shall be communicated by the Management Board of the EFSA in their decisions and in official proceedings. Therefore, it is possible that the responses provided to the inquiries may change in the authorisation proceedings or depending on the alterations the company makes to the services.