Natia Turnava, Acting Governor of the National Bank of Georgia, took part in Tbilisi Silk Road Forum. Natia Turnava was the keynote speaker in the panel discussion - the Future of Fintech in the Growing Economy.
The Acting Governor of the NBG focused on the approach of the NBG, which is based on an open policy-driven strategy and is about designing a regulatory environment for the basic fintech infrastructure to attract more investment in the fintech industry. Fintech investors typically look for a supportive regulatory environment that encourages innovation. Therefore, NBG tries to create a regulatory framework that is transparent, flexible, and responsive to the needs of the fintech industry.
"We offer fintech companies and investors to work on a "one-stop shop" basis. Any license or permit related to financial services can be obtained in this manner. Similar practices cannot be found in many other countries. Georgia is to become a fintech hub for the Middle Corridor countries, an enabler and facilitator of regional cooperation encouraging new financial infrastructure. This will create added value for other countries in the region and is an interesting initiative in this respect. We perceive the role of the NBG as basic fintech infrastructure enabler and facilitator for the entry barriers’ disruption in-house," said Natia Turnava.
The Acting Governor of the National Bank highlighted several areas why Georgia is an attractive place for positioning as a regional fintech hub. Georgia has an open-policy driven fintech/digitalization strategy, fueled by the fintech initiatives of regional cooperation.
"Talking about safety and security, market predictability and building trust in conventional banking, I would like to point out that the cooperation between fintech and traditional banking services is a very big advantage of Georgia. The country's legal system harmonized with that of the EU and its geopolitical location as a country bridging Europe and Asia lead the aspiration of the Georgian government to build a regional hub and make Georgia into a major destination," said the Acting Governor of the NBG.
During the panel discussion, Natia Turnava also spoke about the innovative Georgian banking sector, which made its system more flexible by using current IT solutions, and as a result, exported their ‘know how’ to other countries of the region. Importantly, the regulation of both Open Banking and digital banking in Georgia is based on the ECB guidelines.
"We are a country with a robust and transparent banking system. This sector is not only sound and profitable, but also innovative. I would like to point out that commercial banks have assumed a leading role in innovation and digital technology advancement in the last decade.
Commercial banks operating in Georgia are very modern, bringing together many professionals. They are ready to invest in different countries of the region, especially in the digital field. This is quite a big benefit for Georgia; the country is in an advantageous position, as it supports fintech infrastructure building and cutting-edge product design. I believe that stability, continuity and predictability in regulations, especially in relation to finance, are crucial", said the Acting Governor of the NBG.
Famous representatives of global technologies participated in the discussion together with Natia Turnava. These included: Pedro Vieira, Managing Partner of 500 Global, Andreas Glarner, MME legal partner and advisor to a number of international technology and financial market companies, Ben Zhou, co-founder and CEO of Bybit, Salim Dhanani, CEO and co-founder of Pave. The panel was moderated by Aaron Heslehurst, a BBC World News presenter and celebrity.
Georgia is hosting the Tbilisi Silk Road Forum for the fourth time this year. It is a two-day platform that has become an important occasion to expand economic, political and cultural ties between Asia and Europe. This year, more than 2,000 delegates from 60 countries are visiting Georgia for the international forum.
