Georgian National Bank official highlights fintech, startup opportunities at Fuckup Nights Batumi

Varlam Ebanoidze, the head of the Financial and Supervisory Technology Development Department at the National Bank of Georgia, highlighted opportunities for fintech and startups in the country at the third edition of Fuckup Nights, an event showcasing stories of business failures to inspire and motivate young people.

Held in the country’s Black Sea city of Batumi, the meeting discussed the potential of fintech, opportunities within Georgia's startup ecosystem, and the infrastructure supporting diverse business models in the financial sector, the Bank said on Monday.

New approaches to regulation involve use of behavioural science concepts at the intersection of fintech, enabling public policy goals to be achieved cheaply, quickly and comprehensively”, Ebanoidze said.

He also noted startups would benefit from infrastructure being developed by the National Bank in collaboration with the Banking Association to “build as many new business models as possible in the financial industry of Georgia”.

The official also delivered a presentation that compared traditional and new regulatory approaches.