Home Policy & Governance Estonia finance minister and Ukraine fintech leader speak at inaugural Global Government...

Estonia finance minister and Ukraine fintech leader speak at inaugural Global Government Fintech Lab

Fintech pioneers: a mid-morning photocall at the Global Government Fintech Lab event in Tallinn, Estonia, on 1 June 2022

Keynote speeches from Estonia’s finance minister Keit Pentus-Rosimannus and Rostyslav Dyuk, chairman of the Ukrainian Association of Fintech and Innovation Companies, were among the highlights of today’s inaugural Global Government Fintech Lab.

The Lab – which brought together senior public servants exploring the opportunities created by fintech – was held on 1 June in Tallinn, the capital city of Estonia.

The in-person event attracted speakers from governments including the UK, Ireland, Germany, Spain, Austria, Latvia and the Czech Republic, as well as private-sector representatives from companies including headline knowledge partners Microsoft and Quantexa.   

Pentus-Rosimannus delivered the Lab’s opening keynote, saying that the Baltic nation – well known as an e-governance leader – was in the throes of developing its first fintech strategy. “There must be room for innovation and experimentation,” she said.

In an address that took in topics ranging from future European crypto-asset regulation to Estonia’s growing interest ‘RegTech’ (regulatory technology), Pentus-Rosimannus acknowledged the environmental concerns around crypto ‘mining’ but also expressed hope that fintech solutions can play a growing role in helping to combat climate change.

RELATED ARTICLE Estonia to develop first fintech strategya report on Keit Pentus-Rosimannus’s address to the Global Government Fintech Lab

Hope that Ukrainian fintechs ‘will change world’

Dyuk addressed the event via a video broadcast from Ukraine’s capital Kyiv.

“It’s impossible to be ready for a war. Ukraine is now heard all over the world but unfortunately the reason for this is very sad,” Dyuk said.

He said there were about 100 Ukrainian fintech companies in existence in 2018, a number that had more than doubled by 2021.

“In the past four years Ukraine has developed a healthy fintech ecosystem and I hope that, after the war, Ukrainian fintechs will change the world,” Dyuk said.

He also described the ‘Fintech Challenge for Ukraine’, a European Union (EU)-supported hackathon launched a fortnight ago to develop technological solutions that will ‘enable access to and provision of everyday services to Ukrainians and help the country’s recovery’.

The hackathon is inviting the private-sector and individuals from any location worldwide to create solutions that will: ‘provide timely multi-sectoral assistance to refugees, displaced and non-displaced persons’; ‘enable companies [with] the provision of everyday services’; and ‘help in the recovery of a resilient and modern country’.

RELATED ARTICLE I hope that, after the war, Ukrainian fintechs will change the world’ a report on Rostyslav Dyuk’s address to the Global Government Fintech Lab

Bringing together government fintech pioneers

The Lab’s agenda was split into two themes: ‘How can governments help fintech?’ (the morning sessions) and ‘How can fintech help governments?’ (during the afternoon).

The day featured five panel discussions, which were ‘How can governments get organised for fintech?’ and ‘How can governments help the fintech sector to grow?’ (the two morning sessions); and ‘How can fintech help governments tackle fraud, error and debt?’, ‘How can fintech help government payments?’ and ‘How could central bank digital currencies (CBDCs) help deliver public good?’ (the three afternoon session).

The event was run in partnership with the host nation’s government and broadcast globally via a live stream. It concluded with showcases from two Estonia-headquartered fintech companies, Bankish and Salv, each presenting how their solutions can help public authorities.  

“It’s been a special moment for our team to bring together government fintech pioneers in Tallinn,” said Global Government Fintech editor Ian Hall. “It was fantastic to see and hear all the different government representatives’ perspectives, see new international connections being forged and people enjoying the buzz of an in-person event.”

Panel session reports are already in production and you can also review the day by searching on hashtag #GGFintechLab on Global Government Fintech’s Twitter account.

Further information can also be found on the Global Government Fintech Lab webpage.

FURTHER READING

Global Government Fintech Lab: latest speakers confirm for event in Tallinnour news story (22 May 2022) on further speakers signing up for the Lab

Fintech Challenge for Ukraine’ hackathon kicks off our news story (16 May 2022) reporting the launch of the Ukraine hackathon

Speakers line up for inaugural Global Government Fintech Labour news story (22 April 2022) announcing the first batch of speakers to confirm

Global Government Fintech Lab 2022 to be held in Estoniaour news story (25 March 2022) announcing the Lab’s location in Tallinn, the capital of Estonia