Lithuanian Bank’s Board member welcomes Georgia’s aspiration to achieve “great success” in fintech

It is noteworthy that Georgia is committed to achieving significant success in the fintech field, aiming to increase the number of companies and offer more services to customers," stated Simonas Krėpšta, a member of the Board of the Central Bank of Lithuania, during a panel discussion at the 57th annual meeting of the Asian Development Bank, titled "Collaborative Fintech Community: Building on the Middle Corridor Momentum."

Natia Turnava, Acting Governor of the National Bank of Georgia, served as the key speaker of the panel discussion. The session covered initiatives supporting fintech development and international payments, as well as sharing best international practices from various regions. Simonas Krėpšta highlighted the global activity in fintech, noting that the crypto sector will be regulated starting next year. He also mentioned the increasing importance of AI in the financial technology sector, which companies are actively adopting. New regulations and approaches are seen as necessary for the introduction of more instant payments in Europe and other countries.

"We had a valuable opportunity at the panel discussion to discuss current trends in the global fintech ecosystem and exchange experiences. Small countries like Georgia and Lithuania share many similarities; we have high hopes and are dedicated to improving our financial institutions," Krėpšta remarked.

Following the panel discussion, Natia Turnava, Acting Governor of the National Bank of Georgia, held a working meeting with a member of the Board of the Central Bank of Lithuania to discuss cooperation between their central banks and future joint activities. Lithuania is recognized as one of the leading fintech hubs in the EU, boasting the highest number of licensed fintech companies compared to countries such as Germany, the Netherlands, and other major European powers.