Estonian reg' opens financial innovation hub
The Estonian financial market authority Finantsinspektsioon has launched an innovation hub, in a bid to support innovation in the local financial sector.
According to a statement, companies planning to introduce new solutions in the financial markets will be able to get information and advice about their ideas from Finantsinspektsioon through the hub, which will be run by Mari-Liis Kukk, head of the Estonian regulator's innovation department.
“Small Estonia has a great opportunity to become part of the international financial sector by applying new business models based on technology. It is the job of Finantsinspektsioon to encourage innovation under controlled conditions within its area of responsibility and to support the business environment in this,” commented Andre Nõmm, a member of the Finantsinspektsioon management board.
“The relations between business and the supervisory authorities often play a very important role in producing new solutions in the financial sector. Technological solutions that shape the financial sector can often originate from specialists in other areas who have no previous experience of financial supervision and the regulations in the sector. It is important for ensuring the continuing development of the financial sector that the supervisor can support businesses in explaining the legislative framework,” he added.