Acting National Bank Governor: Georgia has “all prerequisites” to become Middle Corridor fintech hub

  • Natia Turnava has introduced achievements of the domestic financial technology industry to participants of the Singapore Financial Technology Festival. Photo: NBG, 20 Nov 2023 - 11:44, Tbilisi,Georgia

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. 

Georgia is already a hub for logistics, transport, energy, communications, and tourism. And we have an ambition to become a fintech hub - all the prerequisites for this are there. The next step will be the development of the fintech industry in the country and offering of the best conditions to global investors interested in this field”, Turnava said.

The National Bank said Turnava had introduced achievements of the domestic financial technology industry to participants of the Singapore Financial Technology Festival, an event held last week to discuss financial technology.

Turnava said there were “transparent and flexible” regulations for fintech companies in Georgia to “avoid bureaucracy” and allow investors to develop in a “safe and stable” environment.

We had the opportunity to talk about the development of the fintech industry on a global scale - this time at the Singapore fintech festival, where we presented our plans to the world's largest fintech companies, investors and venture funds”, she said.

As part of the Festival, Turnava also participated in a meeting of women leaders on gender issues, women's involvement in society and economic activity. The NBG said she highlighted steps taken by the National Bank to empower women, including through raising the level of their financial education.

She also spoke about changes made by the Bank to the Corporate Management Code to set the gender quota for women in supervisory boards of banks at 33 percent starting in June, adding the figure would be raised to at least 40 percent in 2025.

Turnava noted the amendments would lead to at least 33 percent of directorates of commercial banks and micro banks being made up of both sexes, adding four of the six members of the Supervisory Board of the National Bank were women.

The central bank said the Georgian delegation was represented at the event for the first time to bring its messages on financial technology and impetus for development of the Middle Corridor. 

The NBG had its own exhibition space at the festival, which also featured the Bank of Georgia and the domestic fintech startup Fave.

The Festival involved about 60,000 participants from 140 countries, the body said.