National Bank of Georgia unveils innovative fintech strategy to foster ecosystem growth
The National Bank of Georgia on Monday announced the release of its national fintech strategy, developed in collaboration with the World Bank, with the aim of encouraging collaboration between public and private entities both within the country and internationally to lay the groundwork for an “integrated and innovative” fintech ecosystem. Photo: Nino Alavidze/Agenda.ge
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The National Bank of Georgia on Monday announced the release of its national fintech strategy, developed in collaboration with the World Bank, with the aim of encouraging collaboration between public and private entities both within the country and internationally to lay the groundwork for an “integrated and innovative” fintech ecosystem.
Key components of the strategy focus on reducing market entry barriers for emerging players and modernising the financial infrastructure. Planned projects include initiatives like open banking and open finance, a regulatory sandbox, central bank digital currency, and implementation of an instant payments system.
On the international front, the strategy seeks to position Georgia as a regional fintech hub for countries along the Middle Corridor, a logistics route connecting Central Asia and China to Europe via the South Caucasus through Georgia.
By fostering regional cooperation, the National Bank is working to “inspire and support” neighbouring nations, while also developing an international regulatory laboratory to promote regulatory harmonisation and attract foreign fintech companies and talent to Georgia, the NBG said.
The strategic vision encompasses three main priorities:
- Promoting regulatory-driven innovations to enhance the financial sector's responsiveness to emerging technologies
- Fostering early-stage technology testing to create a modern financial infrastructure, emphasising the advantages of blockchain-based systems to improve effectiveness and efficiency
- Promotion of a Beyond-Georgia ecosystem for initiatives that strengthen international cooperation in the fintech market, including participation in the Bank for International Settlements' mBridge project, designed to reinforce international trade links through wholesale CBDCs
The initial version of the strategy is now publicly available, and the National Bank has invited feedback from stakeholders to “ensure their interests and perspectives are considered” in the development process.