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, 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.