Fintech company Director: Georgia has “great potential” for development of financial technology

Tamaz Giorgadze, the Director of the international fintech company Raisin, on Thursday said Georgia had a “great potential” for the development of financial technology, in comments during a panel discussion within the 57th annual meeting of the Asian Development Bank in Tbilisi.

Even though Georgia is still in the process of building its fintech ecosystem, the country has the necessary prerequisites to succeed. The country is moving towards European integration, which is very important for the development of the financial technology sector”, Giorgadze said.

• Asian Development Bank’s 57th annual meeting opens in Tbilisi

He also cited three “essential factors” for development of the ecosystem in human talent, capital and a domestic market.

Human capital is the most crucial factor [...], and Georgia has many professionals who know the challenges of the sector. Progress has been made in raising capital, and there is a public fund that supports companies in finding initial financing. The small size of the domestic market is also noteworthy since it forces companies to think about finding export markets”, he said.

Giorgadze also emphasised the need for regional cooperation, saying Georgia would require markets to export technologies and products.

In terms of challenges, he listed the “need for rapid growth of the sector, development of investment opportunities and creation of “many companies in a short period of time”.

The National Bank of Georgia said Raisin was the world's first platform that served consumers and banks simultaneously and connected them in deposits.
The company has been operating in the European Union, the United Kingdom and the United States for 12 years.