Finland aims to become a pioneer in the digital economy by 2030: the Real-Time Economy project promotes digitalisation

Finland aims to be at the forefront of international digitalisation and enhance companies' competitiveness with the help of the digital economy. To promote these goals, the Ministry of Economic Affairs and Employment of Finland (MEAE) has set up the Real-Time Economy project, which will run from 2021 to 2024.

The project is coordinated by the Finnish Patent and Registration Office (PRH).

The digital economy or real-time economy (RTE) is a system where all business transactions are based on digital, structured (machine-readable) information and processing.

In a digital economy, all services are online and able to talk to each other. Key business data moves entirely electronically and in real time - even to the authorities. When companies' business data is processed automatically, they save time and money. Companies can also control their own data and use it more effectively their businesses.

For the authorities, real-time business data makes it possible to offer better services.

The project addresses the goals outlined in the Government Programme of Finland about promoting digitalisation and the real-time economy. The coronavirus epidemic has revealed a willingness to make a digital change.

In order for the digital change to become reality, all authorities, companies and financial administration service providers must be committed to the change and take part in the joint development. The work done in the project will build a foundation for developing the digital economy further.

In addition to the PRH, the other Finnish authorities responsible for the project are the Digital and Population Data Services Agency, Statistics Finland, the State Treasury, and the Finnish Tax Administration.

Other parties involved in the project are Confederation of Finnish Industries (EK), Finance Finland, the Finnish Commerce Federation, the Federation of Finnish Enterprises, the Association of Finnish Accounting Firms, and Technology Industries of Finland, as well as the Ministry of Transport and Communications and the Ministry of Finance.

Financing from the EU Recovery and Resilience Facility (RRF) has been applied for in order to run the Real-Time Economy project, and the financing decision will be made in June.

Read more about the project on the website suomidigi.fi (in Finnish).

More information

MEAE's announcement: New project to help companies digitalise their financial administration

Project Director Franck Mertens
Finnish Patent and Registration Office (PRH)
[email protected]
Tel. +358 29 509 5212