According to the Estonian Financial Services Market Overview compiled by the Financial Supervision Authority the volume of services issued to finance consumption grew notably in the first half-year of 2016. The increase in voluntary long-term financial services designed for saving and investing was much more moderate.
“As the data from creditors has been added to the overview, we can now for the first time provide a closer picture of the non-bank creditors market by showing their service volumes and market shares”, said Andre Nõmm, Member of the Management Board of the Financial Supervision Authority. “Next to the regulated financial market we can also see a growth in the alternative crowdfunding area, but their data is not included in this overview. As opportunities and risks always go hand-in-hand in every kind of investments, the Financial Supervision Authority has put forth a proposal to regulate the activities of crowdfunding companies by law”, added Nõmm. “We believe that by addressing the activity requirements and risks more directly through laws helps to create a more transparent and effective crowdfunding market.”