The Alliance for Financial Inclusion (AFI) Executive Director Dr. Alfred Hannig met with Estonian Financial Supervision and Resolution Authority (FSA) Management Board Chairman Kilvar Kessler and Bank of Estonia Deputy Governor Madis Muller on May 29 as part of efforts to engage with European financial regulators.

During the visit to the FSA’s headquarters in Tallinn, both sides explored potential opportunities for collaboration and mutual learning, particularly in financial innovations and financial technology (FinTech). Discussions also focused on possibly cooperation in capacity building training as well as events, such as the Global Policy Forum (GPF) and regulatory meetings on inclusive FinTech.

Estonia is heralded as one of the most advanced digital societies in the world, with a financial inclusion rate of 98 percent. Large-scale investment in digitization and close collaboration between state and private sector actors has meant that 99 percent of public services are available online.

AFI builds systematic knowledge partnerships with financial regulators to enhance member knowledge on topics available outside its network. The FSA, for example, has expertise in practical policy and regulatory solutions on lessons, particularly in building cyber capacity for regulators, licensing of FinTech companies and data privacy.

Muller was recently appointed as governor of the Bank of Estonia and will assume the position on June 7.