Georgian National Bank, innovative tech company Elevandi sign Memorandum of Understanding
Under the memorandum, the sides also commit to organising roundtable discussions and forums that will bring together regulators, policymakers, industry leaders and other stakeholders to explore opportunities for collaboration in the fintech field, address challenges and foster an enabling environment for fintech development. Photo via NBG
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Natia Turnava, the Acting Governor of the National Bank of Georgia and Pat Patel, the Executive Director of not-for-profit organisation Elevandi, signed a Memorandum of Understanding to deepen cooperation, within the scope of the 57th annual meeting of the Asian Development Bank in Tbilisi.
In the memorandum, the parties express readiness for future collaboration to support development, including sharing experience in the financial technology industry.
Recognising Georgia's potential in the Middle Corridor - a logistics route connecting Central Asia and China to Europe via the South Caucasus - the sides consider the dialogue on the possibility of cooperation to turn Georgia into a regional fintech hub.
Elevandi organisation, established by the Monetary Authority of Singapore, which promotes international cooperation in the direction of innovative technologies, agrees to support initiatives aimed at promoting the country’s fintech ecosystem.
According to the agreement, the parties plan to jointly organise face-to-face and virtual seminars and training to increase awareness and knowledge of existing and prospective fintech companies in Georgia.
Under the memorandum, the sides also commit to organising roundtable discussions and forums that will bring together regulators, policymakers, industry leaders and other stakeholders to explore opportunities for collaboration in the fintech field, address challenges and foster an enabling environment for fintech development.
Simonas Krėpšta, a member of the Board of the Bank of Lithuania, on Thursday said he welcomed Georgia’s goal and aspiration to achieve “great success” in fintech and to have more companies and offer these services to customers.
The 57th annual meeting of the Asian Development Bank has been officially opened in the Georgian capital city of Tbilisi with nearly 70 events covering connectivity, climate change, capital market development, artificial intelligence and green globalisation.
Georgian Finance Minister Lasha Khutsishvili and Bertrand Walckenaer, the Deputy Chief Executive Officer of the French Development Agency, on Thursday signed a second memorandum for cooperation between 2024-2027, the French Embassy said.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the energy sector’s portfolio in banks was characterised by “stable and low” credit risks and its substantial share in loan portfolios contributed to “financial stability and reduced cyclicality”.