Georgia's Fintech Industry Boasts Positive Growth Trajectory, Says Fintech Association

The Fintech Association has reported that Georgia's fintech sector has witnessed consistent growth over the past five years, demonstrating a robust upward trend in the local market.

Davit Kikvidze, a spokesperson for the association, lauded the National Bank of Georgia's efforts in enhancing the regulatory framework, which has significantly contributed to the industry's development. "The National Bank has taken commendable steps towards refining the regulatory environment, which has been instrumental in fostering growth. Yet, there remains ample room for initiatives aimed at attracting further interest in Georgia's fintech sector. Given the challenges of a relatively small market, leveraging unique advantages to spur sector growth is crucial. The entrance of several international firms into the Georgian market is a testament to the sector's appeal and indicates a promising continuation of this trend," Kikvidze remarked.

Kikvidze also highlighted the necessity for further simplification of the regulatory environment to aid the industry's expansion. "Ongoing efforts are essential to streamline regulations further. It's imperative to establish a legal framework that accommodates emerging trends within the fintech space. Both the business community and governmental bodies need to roll out relevant campaigns and forge international partnerships to ensure the continued growth of Georgia's fintech market," he added.