Turkish fintech service platform provider looks to start operations in Georgia
Turkish financial technology service platform provider United Payment has plans to enter Georgia and introduce a “wide range of innovative products and fintech services” for financial transactions. Photo: Ministry of Economy
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Turkish financial technology service platform provider United Payment has plans to enter Georgia and introduce a “wide range of innovative products and fintech services” for financial transactions, the Georgian Ministry of Economy announced on Monday.
Deputy Minister Irakli Nadareishvili met representatives of the company in Tbilisi to discuss cooperation, before saying United Payment had "quite an interesting portfolio" in services and was “actively expanding” in countries of the immediate and extended region, including Azerbaijan and Romania.
Nadareishvili said the company’s plans meant Georgia was becoming "more and more interesting" for innovative, high-tech enterprises.
Georgia is becoming an increasingly interesting market not only for the standard type of investments and business, but also for innovative, high-tech companies, including fintech. This is facilitated by the general, attractive investment environment, as well as a number of initiatives that create an attractive legal framework for the development of fintechs and technology companies [domestically]”, he noted.
The Deputy Minister added “a number of legislative initiatives” adopted as part of Georgia's accession to the Single Euro Payment Area this autumn could be highlighted as having contributed to the outcome.
The “great” opportunities for the development of the financial technology sector in Georgia, the “favourable” normative base for it and the political will of the country’s Government to establish a “regional-scale” fintech hub in Georgia were discussed on Friday by Georgian Economy Minister Levan Davitashvili and Andrius Bičeika, the Deputy CEO and Board Member of Revolut.
Projects implemented between the Georgian Government and Bloomberg business media company, and the ongoing cooperation between the sides were discussed on Friday in a meeting between the Georgian Prime Minister Irakli Garibashvili and Todd Baer, the Global Director of Bloomberg media platform.
Revolut, a British financial technology company offering banking services, plans to launch a simplified version of the Revolut app for Georgian customers next year to enable money transfers to more than 50 countries using over 30 currencies, the company announced on Thursday.
The National Bank of Georgia on Tuesday submitted an application for the country’s membership in the single euro payments area, which would make cross-border payments in the currency as simple as national payments.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said Georgia had “all the prerequisites” to develop as a regional hub for financial technology in the Middle Corridor, a logistics route connecting China with Europe through the South Caucasus region.