Davit Kikvidze to Head the Fintech Association in Georgia

The Fintech Association was established in Georgia in 2020. Davit kikvidze, Head of Academic Development and Affiliate Professor University of Business and Technology will head the association. He has many years of experience in the financial sector, has held a number of leading positions in various commercial banks.

The financial technology industry has been growing rapidly since 2008. It is noteworthy that mobile phone consumption and Internet penetration have reached record levels in recent decades, and this field is characterized by an increasing trend in development. According to 2019 data, the volume of investments made in the direction of Fintech worldwide will exceed 135 billion USD. Financial Technologists (Fintech)-This is a field that aims to digitize various financial products and services and deliver them to the consumer.

It should be noted that in recent years in Georgia there has been some activity in the development of the Fintech sector, including several projects implemented under the auspices of the National Bank of Georgia, within which a Financial Innovation Office has been established, which is actively working on the development of Fintech.

The main goal of Fintech Association will be to promote the development of the field, to create Fintech ecosystem and technological innovations, to assist Fintech startups in founding and developing. Also, the main task of the association will be to act as a facilitator - between market participants, stakeholders and regulators.

The main challenge of the association will be to raise the level of financial education, to popularize the field in order to attract as many people and investors as possible, which in turn will contribute to the inflow of investments in the country and the introduction of modern technologies in the financial sector.