"The share of innovations and innovative organizations in the financial sector is increasing, which brings both new opportunities and risks. At the same time, the financial sector remains the most regulated field of the economy worldwide. Moreover, the regulation has an increasing tendency. As a result, the current supervisory framework is quite bulky, technical and complex, especially for new financial start-ups. The National Bank is one of the leading institutions that promotes the introduction of such innovations and technologies to the financial sector, providing more innovative services to the population and the development of various technological fields.

Against this background, encouraging innovators with fintech ideas and facilitating the transformation of these ideas into sustainable financial models is an important challenge for financial sector regulators. In response to this challenge, the National Bank of Georgia develops various supervisory approaches and promotes the creation of basic infrastructure for fintech activities," - Koba Gvenetadze said.