Georgian National Bank, innovative tech company Elevandi sign Memorandum of Understanding

Natia Turnava, the Acting Governor of the National Bank of Georgia and Pat Patel, the Executive Director of not-for-profit organisation Elevandi, signed a Memorandum of Understanding to deepen cooperation, within the scope of the 57th annual meeting of the Asian Development Bank in Tbilisi.

In the memorandum, the parties express readiness for future collaboration to support development, including sharing experience in the financial technology industry.

Recognising Georgia's potential in the Middle Corridor - a logistics route connecting Central Asia and China to Europe via the South Caucasus - the sides consider the dialogue on the possibility of cooperation to turn Georgia into a regional fintech hub.

Elevandi organisation, established by the Monetary Authority of Singapore, which promotes international cooperation in the direction of innovative technologies, agrees to support initiatives aimed at promoting the country’s fintech ecosystem.

According to the agreement, the parties plan to jointly organise face-to-face and virtual seminars and training to increase awareness and knowledge of existing and prospective fintech companies in Georgia.

Under the memorandum, the sides also commit to organising roundtable discussions and forums that will bring together regulators, policymakers, industry leaders and other stakeholders to explore opportunities for collaboration in the fintech field, address challenges and foster an enabling environment for fintech development.