Natia Turnava, Acting Governor of the National Bank of Georgia, participated in the Sturgeon Capital’s Georgia Investment Summit, an annual gathering of international significance aimed at encouraging promising digital enterprises and fostering investment in innovative concepts.

During her address at the summit, Natia Turnava emphasized one of the primary objectives of the National Bank of Georgia: advancing innovations within the financial sector. She underscored the institution's ongoing commitment to nurturing financial technologies and leading novel initiatives to enhance competitiveness.

Natia Turnava highlighted initiatives such as Open Banking, Regulatory Sandbox, and the introduction of Central Bank Digital Currency (CBDC) as key endeavors. She also spotlighted the forthcoming launch of the first open finance APIs, scheduled for August 2024.

"It is reasonable to acknowledge the invaluable support from the IFC throughout this journey. Collaboratively, we have established an open finance sandbox, enabling the testing of new APIs selected from a pool of 400 contenders. Participants in the open finance sandbox benefit from tailored expert technical guidance provided by IFC professionals," remarked Acting Governor of the NBG.

Natia Turnava further discussed the significance of introducing digital banking licensing in 2020, noting its positive impact on integrating innovators into the ecosystem, and citing tangible outcomes.

“We have already issued three licenses thus far. These license holders are at the forefront of introducing groundbreaking innovations, bolstering market competition, and effectively addressing challenges related to access to finance. Our commitment to fostering innovation within the Fintech sector remains resolute. We continue working on further initiatives, which will be unveiled in the near future,” Turnava added.

Expressing gratitude to the organizers, Turnava voiced optimism that the event, supported by the USAID Financial Innovation Program and organized by Startup Connect, would facilitate numerous promising and mutually beneficial collaborations.

The Investment Summit featured panel discussions on various topics, including Georgia as a Fintech Hub. Varlam Ebanoidze, head of the Financial and Supervisory Technology Development Department of the NBG, contributed insights on the country's fintech sector development during the panel.