BAKU, Azerbaijan, October 23. Georgia is actively fostering the growth of its banking and financial technology sectors, leveraging modern legislation and state-backed initiatives to strengthen the country’s position as a regional hub, officials said at the Tbilisi Financial Summit, Trend reports.
The summit, held as part of the Tbilisi Silk Road Forum and organized jointly by the National Bank of Georgia, the Ministry of Economy and Sustainable Development, and the Singapore Global FinTech Network (GFTN), was opened by Prime Minister Irakli Kobakhidze, Parliament Speaker Shalva Papuashvili, Minister of Economy Mariam Kvrivishvili, and National Bank President Natia Turnava.
“The state actively supports the proper development of the banking sector. Through our work, we have adopted laws on capital market development, open banking, and open finance, which doubled the capital market in 2023 and continue to drive growth today,” Minister Kvrivishvili said. She highlighted that Georgia’s legislative and regulatory framework balances investor protection with business access to financing, standing out for its modern approach in the region.
The minister also emphasized the high-tech capabilities of Georgia’s banking sector, noting that its solutions are recognized not only regionally but globally.
“The Tbilisi Silk Road Forum and Financial Summit provide an important platform for regional and global dialogue. Key topics include the next innovation cycle, blockchain and artificial intelligence in finance, regulatory challenges, investment attraction, and the strategic role of the Middle Corridor,” Kvrivishvili said.
Georgia is actively promoting innovation through state-backed initiatives. The venture fund 500 Georgia, with $20 million in capital, has already financed 59 high-tech startups. Additionally, four new international acceleration programs will retrain around 160 startups annually. A favorable IT tax regime benefits up to 180 international companies with a 5% corporate tax rate, while newly recognized innovative startups are exempt from income tax for three years.
Kvrivishvili also highlighted the creation of a major technology center in the former parliamentary building in Kutaisi. The center will feature an interactive science museum, a technopark, an AI center, the TUMO creative technologies hub, and office space for international IT companies, making it the largest technology hub in the region.
The summit’s focus is on the future of financial technologies, the development of innovative infrastructure in the region, and the Middle Corridor as a key hub for global trade and digital finance.