Ekaterine Galdava, Vice Governor of the National Bank of Georgia (NBG), participated in the annual meeting organized by the Fintech Association of Georgia. The two-day event focused on the achievements and progress of the fintech industry in Georgia.

Galdava opened the event with a speech emphasizing the NBG's recent initiatives in fintech. She highlighted NBG's commitment to fostering the development of financial technologies in the country.

"In our environment, where innovation and financial technologies play an increasingly significant role in the financial sector, the future of the sector is unimaginable without digital technologies. This is why the NBG is dedicated to promoting the development of financial technologies in Georgia. Moreover, we aim to position Georgia as a middle corridor hub of financial innovations in our region," said Galdava.

Galdava also underscored the importance of proper regulation for the sector's growth and the NBG's open regulatory approach. "Our task is to create a favorable environment for companies with regional and global expansion ambitions," she added.

 

The NBG has established an Innovation Office, a communication platform designed to support innovators with legal, technological, and business model sustainability. Additionally, NBG operates a Regulatory Sandbox to create a safe and fair regulatory environment for testing new ideas and adapting products to market needs.

Notably, the National Bank of Georgia introduced the Digital Bank License to enhance competition and innovation in the banking sector. Currently, three digital banks operate in the market. Last year, NBG also began regulating virtual asset service providers and Open Banking.

 

Vasil Shengelia, head of the Open Banking Promotion and Credit Data Management Supervision Division of the NBG's Financial and Supervisory Technology Development Department, presented at the FinTech annual meeting. The event was attended by about 30 member fintech companies of the Georgian Fintech Association and representatives of partner organizations.