18/03/2026
Finantsinspektsioon launched a new website for submitting applications digitally on 18 March that will make the process of applying for operating licences in the financial sector and giving notification of significant participation simpler, faster and more transparent.
There are over 150 companies operating in Estonia with a licence from Finantsinspektsioon. This number changes constantly as licences are withdrawn and new ones are issued. Processing a single licence application can take up to six months, or in some cases a full year, depending on how complex the case is. During that time, Finantsinspektsioon checks that the applicant has sufficient capital and where it comes from, and assesses the organisational structure and the background of the managers. Thorough checks of this sort are needed in order to protect the interests of consumers and maintain trust in the financial sector.
Finantsinspektsioon processes around 15 applications for operating licences each year, and 40 notifications of significant participation. The new applications site creates a single and structured digital environment for processing those applications, and will help reduce inaccuracies and make communications between the applicant and the supervisory authority clearer and more efficient.
Member of the Finantsinspektsioon management board Gerd Laub said that the new site was the outcome of several years of work by staff of Finantsinspektsioon together with external partners, market participants and consultants, who are the people that will be using the new website. He added that although the website will simplify the procedure technically, the speed and the outcome of the processing will still depend above all on the content and quality of the data submitted. “The better prepared the application is, the smoother the procedure for processing it”, he said.
The applications website can receive applications for licences from creditors, credit intermediaries, credit collectors, fund managers, investment firms, providers of crowdfunding services and crypto assets services, insurers, payment institutions, and e-money institutions, and notifications about significant participations from all of those businesses.
The next phase of development in the second half of 2026 will add the option of submitting data for the fit and proper assessment of managers through the site. Finantsinspektsioon is also analysing whether it will be possible in future to use artificial intelligence to make the procedure even more efficient.