At Fintech Day, we had the opportunity to speak with Rainer Olt, Head of the Payments and Settlement Systems Department at the Bank of Estonia. Rainer shared insights into Estonia’s role as a pioneer in digital innovation, particularly in payments, and the collaborative efforts with the banking sector to drive this innovation forward. The Bank of Estonia has facilitated a conducive environment for banks to innovate and adapt to the changing landscape of fintech, viewing them not as dinosaurs but as active participants in the fintech ecosystem. Rainer highlighted the evolving collaboration between banks and fintech companies, pointing out that banks are increasingly viewing fintechs as vendors rather than competitors. This shift towards collaboration is enhancing the payment ecosystem in Estonia, making it more robust and inclusive.
Looking ahead, Rainer identified the development of pan-European payment solutions as a priority, aiming to introduce additional digital payment rails to increase resilience against technical failures or cyber attacks. The goal is to ensure continuous operation of payment systems, even in crisis situations, with a focus on implementing offline card payments at point of sale to enable critical purchases. Rainer’s impressions of Fintech Day in Lithuania underscored the unique atmosphere and scale of the fintech ecosystem in the Baltics. He appreciated Lithuania’s efforts to provide fintech companies with access to the payment system through the central bank, a move that has fostered innovation and efficiency within the Eurosystem.
For those unfamiliar with the Baltic fintech scene, Rainer emphasized the innovative solutions in digital identification and contract signing that have been a staple in Estonia for over two decades. He suggested that these developments, along with advanced payment solutions and digital wallets, are aspects from which other countries could learn. The interview with Rainer Olt provided a comprehensive view of the payment innovation landscape in Estonia and the broader Baltic region, highlighting the importance of collaboration, resilience, and digital advancement in shaping the future of fintech.
