“The state actively supports the healthy development of the banking sector. Thanks to our efforts and engagement, we have enacted several laws aimed at advancing the capital market, open banking, and open finance. As a result, the capital market doubled in size in 2023 and continues to grow steadily,” stated the Minister of Economy and Sustainable Development of Georgia, Mariam Kvrivishvili, during her speech at the Tbilisi Finance Summit.

“Our legislative and regulatory framework is distinguished in the region for its modern approach, effectively balancing investor protection with providing businesses access to finance,” Kvrivishvili added.

The summit is part of the Tbilisi Silk Road Forum, a collaborative initiative organised by the National Bank of Georgia (NBG), the Ministry of Economy and Sustainable Development of Georgia, and the Global Finance and Technology Network (GFTN) of Singapore.

According to the Minister, the Georgian banking sector is recognised not only across the region but also in numerous countries worldwide, thanks to its cutting-edge technological innovations.

“The Tbilisi Silk Road Forum, and by extension the Tbilisi Finance Summit, serve as vital platforms for regional and global dialogue and cooperation. The agenda clearly reflected this, which includes topics such as the future cycle of innovation, the role of blockchain and artificial intelligence in the financial system, regulatory challenges in the region, investment attraction strategies, and the potential of the Middle Corridor,” Mariam Kvrivishvili emphasised.

The Minister of Economy expressed particular gratitude to the organisers of the Tbilisi Finance Summit, the Global Finance and Technology Network, which has played a significant role in advancing financial technologies on a global scale and hosts high-level fintech events across several countries.

Mariam Kvrivishvili also praised the National Bank of Georgia for its support of the summit. The Minister emphasised the strong collaboration between the two institutions in driving reforms within the financial sector.