Varlam Ebanoidze, the head of the Financial and Supervisory Technology Development Department at the National Bank of Georgia, participated in the launch event for Data Center Solutions, a newly established company. DCS aims to support local businesses in embracing and advancing within the digital economy.

During his speech, Ebanoidze highlighted the pivotal role of cloud technologies in the NBG's fintech strategy. He emphasized that these technologies have lowered barriers for new players in the industry, fundamentally altering the status quo. As a regulator that actively supports fintech innovation, the NBG has been a key advocate for this shift, with the open banking project serving as a prime example of its commitment.

"Cloud technologies have revolutionized our approach to fintech, particularly in terms of making it easier for newcomers to enter the industry. A decade ago, launching a bank required a physical presence, including a building and servers. But with cloud service providers like Amazon Web Services, this is no longer the case. Today, starting a bank can be as simple as renting cloud infrastructure. As a fintech-friendly regulator, we are fully supportive of this trend, and the open banking project exemplifies this," Ebanoidze stated.

The company, founded by Jewish-Georgian investors in collaboration with the U.S.-based Virtuozzo, a leader in the digital space, seeks to establish a world-class data center. This initiative aspires to position Georgia as a global IT hub in the future.

Representatives from various sectors, including banks, entrepreneurs, and the tourism industry, attended the DCS presentation.