Bosnia and Herzegovina Central Bank Vice Governor: Georgia’s economic growth is inspiring

In the category "Application of Artificial Intelligence in the Financial Sector," the team "Goni" emerged as the winner. The team members were awarded a prize of 20,000 GEL from GITA to further develop their prototype. Additionally, with the support of Tether and Pave Bank, the Goni team will travel to Dubai to attend the global technology exhibition, GITEX Global 2026.The team "Faeda AI" was named the best in the category "Diagnostics and Benchmarking of Open Banking APIs." The team members earned the opportunity to attend the Singapore FinTech Festival 2026 - Asia’s leading fintech event - where they will present their project on an international stage.The fintech hackathon focused on the fields of artificial intelligence and open banking. Participants worked on addressing key challenges within the financial sector, including API diagnostics and benchmarking, credit risk assessment, fraud detection, and the optimization of operational processes.In her remarks, Natia Turnava noted that fostering innovation requires an environment that facilitates the testing of new ideas and the development of technological solutions for real-world problems. "Innovation gains meaning when it moves beyond the realm of mere ideas and begins to solve real-world problems. Open banking and artificial intelligence are key drivers in the transformation of financial services. By enabling secure access to financial data - with the user's consent - open banking lays the groundwork for increased competition, the development of innovative products, and the provision of better services to consumers. Meanwhile, artificial intelligence assists financial institutions in processing information more efficiently, assessing risks, and detecting fraud. Furthermore, technological progress must be grounded in a responsible approach, security, and transparency," stated Natia Turnava.The Governor of the National Bank also highlighted the role of the regulator in the process of fostering innovation within the financial sector. She noted that it is essential for the regulator not to merely observe technological shifts, but to actively develop its own relevant knowledge and practical experience. The Fintech Hackathon, held as part of the Tbilisi Financial Summit, aimed to foster the creation of innovative and scalable products in financial technology, empower local and international tech talent, and advance the development of artificial intelligence and open banking within the financial sector.

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“I am confident that the Tbilisi Financial Summit will attract even more attention in the coming years as it continues,” the SWIFT representative noted.He also discussed the topics addressed during the summit’s discussions, particularly in the field of financial technology.“Today, several inevitable global trends are impacting Georgia and the region as a whole. In this regard, I would highlight stablecoins and digital assets, which are shaping the fintech and banking industries. We have seen that both traditional and new infrastructures can interact with one another and in the near future, we will see them working together for the benefit of consumers-ensuring instant, seamless payments both domestically and cross-border,” Cem Soydemir stated.During the summit, Cem Soydemir participated in a panel discussion titled “Developing Infrastructure for Regional Connectivity,” alongside Ekaterine Galdava, Vice Governor of the National Bank of Georgia (NBG).The main topics of the discussion included cross-border payment development, financial infrastructure interoperability and the strengthening of regional financial ties.Panelists, who possess significant international expertise in cross-border payment development and payment infrastructure interconnection, shared their experience and insights on opportunities and challenges in building fast, secure and efficient payment systems based on practices from various countries.This year, the Tbilisi Financial Summit hosted nearly 1,000 participants from around 60 countries.

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The main topics of the discussion included the development of cross-border payments, the interoperability of financial infrastructure, and the strengthening of regional financial ties.Panel participants, who possess significant international experience in developing cross-border payments and interconnecting payment infrastructures, shared their insights and perspectives on the opportunities and challenges of developing fast, secure, and efficient payments based on practices from various countries.The conversation also touched upon the potential of using products and services based on both traditional payment technologies and stablecoins in international payments, alongside the associated regulatory challenges.Ekaterine Galdava shared the vision and experience of the National Bank of Georgia as a regulator with the participants, highlighting the central bank's efforts in developing payment infrastructure, fostering innovation, and managing relevant risks."For the development of cross-border payments, it is important not only to introduce modern technologies but also to ensure the interoperability of payment infrastructures, the establishment of common standards, and cooperation among regulators. The National Bank of Georgia is actively working on both modernizing the current payment infrastructure and implementing new systems and services. Furthermore, we are open to innovative technologies; we study their capabilities and challenges, and we strive to create a regulatory environment that fosters innovation while ensuring the effective management of associated risks," stated Ekaterine Galdava.Joining Ekaterine Galdava in the panel discussion were Cem Soydemir, Head of Payments Market Development for MENA, TCIS & India at Swift; Dr. Kishan Srinivas, Head of Business for Europe, GCC & Central Asia at the National Payments Corporation of India (NPCI); and Liu Heng, Vice President at UnionPay International. The discussion was moderated by Zdeněk Tůma, Former Governor of the Czech National Bank.The Tbilisi Finance Summit was co-organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Global Finance & Technology Network (GFTN). It serves as a major international platform for dialogue on financial technologies, innovations, and regional cooperation.

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“In this regard, we see very strong support and active engagement by the National Bank in the field of financial innovation, which is extremely important,” Tůma said.According to him, the Tbilisi Financial Summit was a notable event that brought together representatives of the fintech sector and gave participants an opportunity to learn about stablecoins as well as a range of other important solutions.“The panel I moderated focused on cross-border payments, but there are many other issues as well. If anyone wants to understand what to expect in terms of innovation in the financial sector, this is an excellent place to discuss these topics.I believe we will see many new innovations in the financial sector over the next two to three years. I clearly remember that five to ten years ago, the financial sector was completely different, and since then, low-cost payments have made enormous progress.New technologies generally focus on consumers, improving the services available to them and their overall experience. I am confident that we will see even more innovation in the financial sector over the next two to three years,” Tůma said.At the Tbilisi Financial Summit, Tůma moderated a panel titled “Developing Regional Connectivity Infrastructure.” The panelists included National Bank of Georgia Vice President Ekaterine Galdava; Jim Soidemir, Head of Payments Market Development at SWIFT; Lu Heng, Vice President of UnionPay; and Kishan Srinivashi, Head of Business at the National Payments Corporation of India.The discussion focused on advancing cross-border payments, ensuring interoperability between financial infrastructures and strengthening regional financial connectivity.Drawing on their extensive international experience in developing cross-border payments and connecting payment infrastructures, the panelists shared insights and perspectives on the opportunities and challenges involved in creating faster, safer and more efficient payment systems.This year’s Tbilisi Financial Summit brought together around 1,000 participants from nearly 60 countries.

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The panelists discussed the development of payment infrastructure, the enhancement of cross-border financial services, and opportunities for connecting financial markets within the region.According to Nino Jeladze, fostering financial innovation, modernizing payment systems, and ensuring their interoperability are key priorities for the National Bank of Georgia. The Vice-Governor highlighted the steps taken by the National Bank to develop payment infrastructure, including the modernization of the Real-Time Gross Settlement (RTGS) system and the development of an instant payment system. “The development of innovations must be based on a clear and predictable regulatory framework that ensures the protection of consumer interests and the stability of the financial system,” noted Nino Jeladze.Nino Jeladze also spoke about the importance of regional cooperation regarding cross-border payments. According to her, growing trade and economic ties along the Middle Corridor create a need for faster, more efficient, and accessible financial services. In this process, cooperation among central banks, as well as the alignment of technical standards and regulatory approaches, is essential.The Vice-Governor also highlighted the potential of digital assets and stablecoins, which offer the possibility of accelerating cross-border settlements and reducing transaction costs. At the same time, their development requires an appropriate regulatory framework, transparency, and the protection of consumer rights. "Georgia has the opportunity to leverage its strategic location, regional partnerships, and modern financial infrastructure to play a significant role in connecting financial markets along the Middle Corridor. Our goal is to create an environment where financial technology companies have access to the necessary infrastructure, and where international investors and financial institutions have confidence in a transparent, secure, and predictable regulatory framework," noted Nino Jeladze.She further stated that close cooperation with the private sector is essential for the development of financial innovations; this will help strengthen competition, increase access to financial services, and foster the development of regional financial ties.Joining Nino Jeladze in the panel discussion were Leiming Chen, Senior Vice President and Chief Sustainability Officer at Ant International, and Tamar Tkeshelashvili, an independent member of the Supervisory Board of Neo Georgian Bank. The discussion was moderated by Pat Patel, a representative of the Global Finance & Technology Network (GFTN). The "Tbilisi Financial Summit" is held in collaboration with the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Global Finance & Technology Network (GFTN), serving as an important platform for international dialogue on financial technologies, innovation, and regional cooperation.

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In Renat Bekturov’s assessment, the summit serves as an important international platform for dialogue among financial sector representatives, policymakers, and the business community—focusing, in particular, on the development of financial technologies, artificial intelligence, and financial products. He further noted that such international events help showcase Georgia’s capabilities, attract international partners, and foster deeper dialogue regarding the development of the country’s financial sector. "Since Georgia is situated between the East and the West, it serves as a vital connecting point for businesses. It is important for international participants to visit Georgia, explore the country's opportunities, and meet with key decision-makers," stated Renat Bekturov.According to the Governor of the AIFC, a key area of ​​cooperation with Georgia is the development of the Middle Corridor, which should be accompanied by the strengthening of financial ties. He noted that both fintech companies and the traditional banking sector will play a significant role in this process.Renat Bekturov also highlighted the development of capital markets, which facilitates the mobilization of local and international financial resources to drive economic growth.Furthermore, he mentioned that the Memorandum of Understanding signed between the Astana International Financial Centre and the National Bank of Georgia serves as a solid foundation for deepening their cooperation. The parties will collaborate on a project for reciprocal access for licensed entities, which will help strengthen financial ties between Central Asia and the South Caucasus.The AIFC (Astana International Financial Centre) is an international financial platform based in Astana, Kazakhstan, aimed at facilitating the attraction of investments to the country and the region, developing the capital market, and strengthening the financial services sector. The Centre brings together financial institutions, investment firms, and other participants, while fostering deeper connections with international financial markets.

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The panel discussion was preceded by a presentation from Yang Jun, Executive Vice President of the Bank of China, regarding development trends in banking systems, payments, and financial technologies.Ekaterine Mikabadze identified a robust supervisory framework, sound financial indicators, and the ability to adapt to technological changes as the primary factors behind the success of Georgia’s banking sector. According to her assessment, maintaining financial stability, implementing innovations, and effectively managing risks are essential for the sustainable development of the sector over the coming decade.The panel focused on opportunities for the regional expansion of Georgia’s banking sector, as well as the challenges associated with this process. It was noted that successful operations in international markets require strengthening risk management at the group level, adapting to the regulatory requirements of various jurisdictions, and developing sustainable business models.Another key topic of discussion was the use of artificial intelligence and its impact on the banking sector. Ekaterine Mikabadze stated that new technologies enable financial institutions to improve operational efficiency, risk management, and customer service. Furthermore, alongside technological advancement, particular importance is placed on cybersecurity, data protection, and operational resilience. "Artificial intelligence offers the financial sector significant opportunities to improve operational efficiency, strengthen risk management, and provide better services to customers. However, alongside technological progress, special attention must be paid to cybersecurity, data protection, and operational resilience. Our goal is to foster responsible innovation and create a regulatory environment that enables financial institutions to adopt new technologies while maintaining financial stability and consumer trust," Mikabadze stated.Ekaterine Mikabadze emphasized that the National Bank’s approach is rooted in the promotion of responsible innovation. It is essential that financial institutions implement new technologies within the context of appropriate governance frameworks and risk management mechanisms. In this process, collaboration with the banking sector, the use of high-quality data, and timely dialogue with the regulator are of particular importance. The panel discussion featured Archil Gachechiladze, CEO of Bank of Georgia; Giorgi Tkhelidze, CEO of TBC Bank; Aleksi Khoroshvili, CEO of Silk Bank; and Vakhtang Babunashvili, CFO of Liberty Bank and representative of the Basisbank Group. The discussion was moderated by Maha El Dimachki, CEO of GFTN Solutions - a subsidiary of the Global Finance & Technology Network (GFTN).The "Tbilisi Financial Summit" is taking place on October 27–28, bringing together representatives from the financial sector, central banks, technology companies, and international organizations. The summit aims to address key issues concerning financial technology, regional cooperation, and the development of the financial sector.

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Bank of Georgia Group leads the ranking; as of Q3 2026, its ROE stands at 30.72%.Liberty Bank’s return on equity has decreased, a shift linked to a major consolidation within the sector (the Chinese Hualing Group is in the process of acquiring Liberty Bank).TOP 7 Banks by Return on Equity (ROE)9m/2026  Bank of Georgia 30,72% TBC Bank 23,96% Liberty Bank 13,51% BasisBank 17,67% Credo Bank 17,58% ProCredit Bank 11,35% Tera Bank 10,10%  Source: Commercial Banks

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