Natia Turnava Participates in ADB Panel Discussion

02 May, 2024

Natia Turnava, Acting Governor of the National Bank of Georgia, took part in a panel discussion at the 57th annual meeting of the Asian Development Bank (ADB). The discussion, titled "Collaborative Fintech Community: Building on the Middle Corridor Momentum," focused on initiatives to support fintech development and cross-border payments, as well as best international practices and projects involving Georgia.

In her speech, Turnava emphasized Georgia's investment attractiveness, reliable economic policy, and favorable business environment. She highlighted that Georgia's attractive investment environment is recognized by international organizations such as the Heritage Foundation, OECD, and World Bank.

During the panel discussion, various initiatives to support fintech development and international payments were explored, alongside an analysis of best practices from different regions worldwide. Additionally, the discussion touched upon ongoing projects in which Georgia is involved, highlighting the country's active role in the global fintech landscape.

Turnava noted that technological achievements in Georgia significantly contribute to the country's current economic development. She mentioned that the current low inflation, coupled with the growing economy, can be attributed to productivity in the real economy, driven by technological innovations.

Regarding Georgia's strategic location in the Middle Corridor and efforts to promote the regional fintech hub, Turnava highlighted the NBG's decisive policy for fintech development. She mentioned that a regulatory framework with clear licensing rules has been developed, and various licensing regimes, such as digital banking, VASP, and platform licenses, have been introduced in recent years.

"Georgia's banking sector is marked by high digitalization and a strong focus on new financial technologies. We're seeing a noteworthy surge in digital payments, with mobile bank transactions doubling annually. This growth is pivotal for the future of digitalization and cashless payments. Additionally, the adoption of QR codes in payments is rapidly expanding," noted Natia Turnava.

Turnava also emphasized the importance of digital banks, which are contributing to increased payments between countries.

"The National Bank of Georgia is committed to implementing an instant payments project by 2025, which will significantly improve payment services in Georgia," said Turnava. "Since 2022, NBG has launched three digital banks, one of which facilitates seamless transactions with the EU economic zone, and another is the world's first programmable bank, originating from Singapore."

The panel discussion included Changyong Rhee, Governor of the Bank of Korea, Sopnendu Mohanty, the Chief Fintech Officer at the Monetary Authority of Singapore, Simonas Krėpšta, Board Member of the Bank of Lithuania, and Tamaz Giorgadze - CEO and Co-Founder of Raisin company. It was moderated by Anna Maj, a Founder and CEO of CreatLink, a consulting company connecting dots in Fintech and Innovation.

Following the panel discussion, a Memorandum of Cooperation was signed between the National Bank of Georgia and fintech company Elevandi.