Important initiatives of the Government of Georgia and the National Bank [NBG] facilitate increased competition in the financial sector, as well as the development of innovations and digital services. The Prime Minister of Georgia said this during his speech at the Tbilisi Financial Summit.

As he noted, concrete steps have been taken in recent years, including the development of a regulatory framework for the registration and supervision of virtual asset service providers [VASPs] and the rules for issuing stable virtual assets [stablecoins].

"As a result, more than 40 virtual asset service providers are already operating in the market.

In addition, open banking was introduced, and a licensing framework for digital banks was established, based on which three digital banks are already operating in Georgia. One of them was established through a Singaporean initiative. At the initiative of the NBG, payment systems were also upgraded, which will facilitate increased access to financial services and give fintech companies more opportunities to implement innovative projects. At the same time, with the involvement of the NBG, regional cross-border payment projects are being developed, which will further deepen the financial connections of our countries. We welcome the active cooperation of the region's countries in this direction.

These steps create a solid foundation for the development of a modern, innovative, and competitive financial ecosystem in Georgia, which is an important prerequisite for the country’s economic growth and integration with international markets.

Deepening regional cooperation and establishing Georgia as a regional financial and technological hub is a priority of the Georgian government, and the Tbilisi Financial Summit plays an important role in this process. I believe the summit will facilitate further deepening of regional cooperation, the subsequent economic development of our country, the expansion of investment opportunities, and the strengthening of trade relations among the Middle Corridor countries.

I wish you fruitful discussions and much success!" - said Irakli Kobakhidze.