National Bank Governor says transparent, flexible regulatory framework created to support fintech innovation in Georgia

Natia Turnava, the Governor of the National Bank of Georgia, on Friday stated that to promote the diversification and innovation of financial services, a transparent and flexible regulatory framework tailored to the needs of fintech was created.

In her speech at the at the international conference on financial technologies organised by the NBG, Turnava noted that promoting the development of financial technologies and financial services in the country was one of the priority areas for the National Bank of Georgia, and in this regard, a number of important steps are being taken, which have a positive impact both on the financial sector and the overall economic development of the country.

She also emphasised the importance of the fintech development strategy prepared by the NBG with the support of the World Bank.

“The National Bank’s Fintech Development Strategy, prepared with the support of the World Bank, reflects our vision for the development of the fintech ecosystem in Georgia. We hope that today’s conference will contribute to forming a unified vision for the development of Georgia’s fintech industry, in order to further strengthen our competitiveness both in the region and internationally”, she said.

The international conference organized by the National Bank, aimed at raising awareness about the Fintech Development Strategy, also sought to enhance cooperation between the public and private sectors - both in the strategy’s formulation and its practical implementation.

The event was attended by the Minister of Economy and Sustainable Development and Deputy Prime Minister Levan Davitashvili, Minister of Justice Paata Salia, Mayor of Tbilisi Kakha Kaladze, and Robert Bregy, Secretary General of the Municipality of Lugano, Switzerland. The conference also welcomed invited guests representing the financial sector, Government agencies, and international organisations.