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
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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.
Natia Turnava, the Acting President of the National Bank of Georgia, and a team of the body’s Financial and Supervisory Technology Development Department are featuring in the Singapore Financial Technology Festival, an event running between Wednesday and Friday to discuss financial technology.
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.
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.
The Tbilisi Silk Road Forum, a “truly global-scale event for dialogue among senior government officials, policymakers, businesses and community leaders” as it was described by Georgian Prime Minister Irakli Garibashvili, has closed with new agreements, investment decisions and goals set.
Pawel Herczynski, the European Union Ambassador to Georgia, on Tuesday said the bloc was "looking forward" to seeing improvements in conditions for doing business in Georgia.
Paweł Herczyński, the European Union Ambassador to Georgia, on Tuesday said the bloc was "looking forward" to seeing improvements in conditions for doing business in Georgia.
The Monetary Policy and Financial Stability committees of the National Bank of Georgia met on Wednesday to discuss mitigating impacts of international financial circumstances on the domestic economy.
Georgian Economy Minister Levan Davitashvili on Friday said the Government would continue to support of technology and innovation sector due to its importance for a “transformation” of the economy.
A new report published on Wednesday by the International Finance Corporation, a member of the World Bank Group, identified renewables, transport and logistics and digital transformation as key sectors to boost Georgia’s private sector-led growth and help the country reach high-income status.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday said the institution was expecting stability “in all segments” of the domestic financial system, including in the foreign exchange market, following a “historic” strengthening of the national currency, the lari.
Zurab Pataradze, the Georgian Ambassador to Azerbaijan, on Friday said negotiations on the Black Sea submarine cable project - intended to connect the grids of the South Caucasus and European Union member states - was in an “active phase”.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Tuesday said the promotion of innovations in the financial sector was “one of the primary tasks” of the NBG, in her address at the Sturgeon Capital’s Georgia Investor Summit.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday told the Central Asian Regional Economic Cooperation Programme meeting in the capital city of Tbilisi, the country was “continuously strengthening” its financial technology sector and exploring opportunities for regional cooperation in the area.