OREANDA-NEWS. June 30, 2011. The long-discussed notion that Estonia could one day grow rich as a regional provider of financial services was given a boost on June 20 with the launch of FinanceEstonia, a new project started by several major players in the country's investment realm.

According to a release by one of FinanceEstonia's founding members, the Development Fund, the non-profit organization's goal will be to "jointly develop financial services, related support services and technology export in Estonia."

Among its other 18 founders are the Service Industry Association, NASDAQ OMX Tallinn, KPMG Baltics, Ernst & Young Baltic and a number of law firms and support service bureaus.

Service Industry Association chairman Viljar Arakas said that Estonia should develop business advantages vis-a-vis Scandinavia, and that the country has the potential to be far more than simply a nation of subcontractors. "There is increasing need for financial services, and Estonia could help meet part of this need,” he said.

In addition to the idea of Estonia as a provider of financial services, organizations such as the Development Fund have in recent years also been promoting the country as a location for global companies to base their administrative divisions.