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The government of Estonia is working with Finnish banking tech startup Holvi as part of its eResidency programme.
The government scheme aims to attract entrepreneurs from other countries to register businesses in the Baltic state by providing them with online government services.
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The Holvi technology will complement this through online business banking services to entrepreneurs who take up eResidency. Specially designed Holvi business current accounts and money management services will be available to eResidents.
Since 2015, Estonia has been developing its e-Residency programme, which gives non-Estonian citizens easy access to government services. More than 20,000 people from 138 countries have now applied for e-Residency. It gives them easy, secure access to government services via an ID platform.
Kaspar Korjus, e-Residency programme director, said a new era for location-independent entrepreneurs had begun. “Business banking is radically transforming for almost everyone on Earth and this can help unlock global growth by democratising access to entrepreneurship,” he said.
The Estonian government eResidency organisation said in a statement: “We are delighted that Holvi has decided to invest in our borderless digital nation by offering borderless business banking specially tailored to our growing community of e-residents. This partnership with Holvi will further lower the barriers to entrepreneurship and help expand e-Residency to many more people around the world who, until now, have been unable to establish a trusted company with the tools needed to conduct business globally.
“This partnership [with Holvi] means a complete EU company, combined with a fully digital EU IBAN business account, can be established anywhere with an internet connection for the first time through e-Residency.”
Read more about digital services in Estonia
- Programme to help foreigners set up businesses in Estonia through virtual residency is gathering pace
- Estonia is leading the way when it comes to providing easy and secure access to government services for citizens and foreigners alike
- The UK government has signed an agreement with Estonia to work together on developing digital public services
The Estonian government has also launched a website to attract potential entrepreneurs to the programme.
Its work with Holvi demonstrates the potential in the Nordic region for organisations to work with regional tech startups. Estonia was given observer status in the Nordic council in 1991. The Nordic region is a hotbed for IT startups.