NBG Vice Governor Papuna Lezhava participated in the Future of Banking, an annual banking forum organized by The Financial publication and  ProCredit Bank Georgia, supported by the National Bank of Georgia and the Bankers’ Association. The participants of the forum discussed the issues of digital technologies, strengthening cyber security and protecting the rights of consumers in the financial sector.

Papuna Lezhava reviewed the challenges and new opportunities in the banking sector, noting that the National Bank of Georgia is committed to taking care of the development of the financial market, with a focus on regulating virtual assets. "In September 2022, the Parliament of Georgia adopted amendments to several laws, thereby building a legal framework for virtual assets and virtual asset service providers, which came into force on January 1, 2023. The amendments also covered the Organic Law on the National Bank of Georgia and the Law of Georgia on Facilitating the Prevention of Money Laundering and Terrorism Financing. The proposed changes were based on the recommendations of the Financial Action Task Force (FATF) and the practical experience of other jurisdictions. The National Bank of Georgia will continue to study international know-how and consider the experience gained from the cooperation with international regulators. This will ensure cooperation and coordination to overcome the regulatory and supervisory complexities of the virtual assets ecosystem,” Papuna Lezhava noted.

The increasing pace of innovation in the financial sector brings both new opportunities and new risks. The National Bank of Georgia has taken a number of successful steps to promote new technologies and develop the fintech ecosystem.

The event was attended by representatives of the financial sector, international organizations and the public sector.