Lithuanian Bank’s Board member welcomes Georgia’s aspiration to achieve “great success” in fintech

Simonas Krėpšta, a member of the Board of the Bank of Lithuania, on Thursday said he welcomed Georgia’s goal and aspiration to achieve “great success” in fintech and to have more companies and offer these services to customers.

Small countries like Georgia and Lithuania have “a lot in common” and dedication to having better financial institutions, Krėpšta noted in his remarks at the panel discussion,  Ideas for Collaborative FinTech Community in the Region: Building on the Middle Corridor Momentum, held within the framework of the 57th annual meeting of the Asian Development Bank in Tbilisi.

He emphasised that new regulations and approaches were a prerequisite for the introduction of more instant payments in Europe and other countries. There are a lot of activities in the fintech field, including the crypto field, which will be regulated from next year, he pointed out, adding the issue of artificial intelligence was activated, with the companies actively using it.

Initiatives supporting the development of fintech and international payments were in focus of the panel discussion, where the main speaker was Natia Turnava, the Acting Governor of the National Bank of Georgia.

Following the panel meeting, Turnava and Krėpšta discussed the cooperation between the central banks of the two countries, as well as future joint activities.