Promoting financial innovation is NBG’s “primary task” - Acting Governor at Sturgeon Capital’s Investor Summit

Natia Turnava, the Acting Governor of the National Bank of Georgia, on Tuesday said the promotion of innovations in the financial sector was “one of the primary tasks” of the NBG, in her address at the Sturgeon Capital’s Georgia Investor Summit.

At the annual international summit, Turnava noted that to improve the competitive environment, the NBG constantly ensured the development of financial technologies and the introduction of new initiatives, including open banking, the introduction of a central bank digital currency and a regulatory laboratory.

She also highlighted the launch of the first open finance application programming interface, which is planned to take place at the end of August, and pointed out the support of the International Finance Corporation in these processes.

The Acting Governor said the NBG had issued three digital banking licences, after introducing them in 2020, and noted the licence holders were presenting important innovations, enhancing competition in the market and responding to challenges related to accessing finance.

We are unwaveringly fulfilling our commitment to promote innovation in the fintech sector. We are working on further initiatives that will be made public in the near future”, Turnava added.

Within the framework of the summit, supported by the USAID's Financial Innovation Programme and organised by Startup Connect, panel discussions were also held on various topics.