The development of the Estonian financial services sector in 2020 was affected most by the outbreak of the Covid-19 pandemic in the spring and by the planned pension reform, but they did not affect all financial services in the same way.
At the end of 2020 there were 56 creditors in the market and 10 credit intermediaries. About the same amount was issued in loans in the fourth quarter as in the third, as over 171,000 new contracts were signed for 196 million euros.
Payment institutions operating in Estonia mediated payments of 90.4 million euros in the fourth quarter of 2020. The value of payments in the sector and the number of them were both around a third more than in the third quarter. The value of payments grew at all payment institutions.
There were six investment firms operating in the market at the end of the fourth quarter. The number of investment firms rose by one during the quarter. There are no branches of foreign investment firms operating in the market in Estonia.
The total volume of assets managed by the fund management sector increased by 6.8% in the fourth quarter of 2020, or in monetary terms by around 500 million euros, to stand at 7.87 billion euros at the end of 2020.
The total volume of assets in the Estonian public funds sector grew by 5.7% in the fourth quarter, or 324 million euros, to reach 6 billion euros. The biggest growth was of 260 million euros at mandatory pension funds.