Koba Gvenetadze participated in international conference on the topic of financial technologies
On January 28-29th, in Vienna, the Governor of the National Bank of Georgia, Koba Gvenetadze, participated in the international conference "Balancing Fintech Opportunities and Risks". The event was anticipated during the annual meetings of the IMF and World Bank in 2018 in Indonesia. Representatives from countries of the Joint Vienna Institute (JVI) constituency, European central banks, ministries of finance and high-level representatives from private sector attended the conference organized by International Monetary Fund, Ministry of Finance of Austria and the National Bank of Austria.
The Governor of the National Bank of Georgia shared the experience within the frameworks of financial technologies. He discussed thoroughly the achievements and challenges of financial technologies in Georgia. It is worth mentioning, that Georgia has emerged as one of the leading "miners" of cryptocurrencies worldwide and the sudden increase of financial technologies in the country requires innovative practices from the National Bank of Georgia, to ensure secure and sustainable financial system. During his speech Koba Gvenetadze stated, that the development of financial technologies will ease provision of financial transactions, it will widen the competition and, will decrease fraudulent activities and money laundering. He also underlined the importance of priorities, opportunities and risks, which will emerge along with the development of financial technologies. Additionally, only one organization will not be able to support the development of financial technologies, it is crucial for different participants and representatives from private sector to be involved.
Participants of the conference shared their experience regarding financial technologies and discussed issues such as: role of the central bank in further development of financial technologies, it's perspectives, financial inclusion, development, education and inclusive growth.