National Bank of Georgia, European Central Bank to continue cooperation in payment supervision

The National Bank of Georgia and the European Central Bank on Wednesday agreed to continue cooperation in payment supervision, the NBG said on Wednesday.

The agreement was reached during a meeting between Natia Turnava, the Acting Governor of the NBG and Ulrich Bindseil, the ECB Director General of Market Infrastructure and Payments.

The NBG said the meeting discussed the ongoing cooperation in payment supervision and further alignment of the country’s legislation with EU standards.

Turnava expressed gratitude to Bindseil for the renewed discussions with the ECB on the harmonisation of Georgian legislation with EU standards.

The National Bank team also presented an overview of the existing payment infrastructure and ongoing projects in the country, along with details on the implementation of the fintech strategy.

The discussions also included ongoing reforms and supervision practices in both banks.