Natia Turnava, the Acting Governor of the National Bank of Georgia, recently participated in a joint panel discussion organized by the Asian Development Bank and the Bank of Georgia, as part of the 57th annual meeting of the Asian Development Bank. The focus of the discussion was on financial inclusion, its future path, and the evolving role of technology in this domain. Key topics addressed by the panelists included the significance of fintech, digital banking, and AI in expanding financial access.

During her speech, Turnava emphasized the pivotal role regulators play in fostering collaboration between fintech firms and traditional banks. "Facilitating collaboration between fintech and traditional banks is another crucial responsibility for regulators. When these two sectors cooperate, more individuals and businesses can reap the benefits of digital banking, thereby enhancing financial accessibility for all," noted Natia Turnava.

Turnava also underscored the importance of a conducive regulatory framework, streamlined licensing procedures, and the implementation of innovation-friendly initiatives such as sandboxes and pilot programs. Simplifying licensing processes for fintech startups facilitates their entry into the market, thereby fostering innovation and competition.


"When the regulatory process is clear and straightforward, it fosters innovation and competition, benefiting everyone. In recent years, the NBG has implemented various licensing regimes, including digital banking, VASP, and platform licenses. These initiatives have empowered fintech companies of varying sizes and business models to transform their innovative ideas into reality," stated Natia Turnava.