Fintech Association of Georgia is the first not-for-profit organization representing interests of FinTech companies of all sizes in Georgia. We aim to serve as a resource and forum for education, information sharing and networking between companies, policymakers and the general public. We are a platform designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It is designed to be an effective platform for members to engage with multiple stakeholders to find solutions to issues and to promote best FinTech practices in a collaborative, open, and transparent manner.
We should not pay commissions for interbank transfers, David Kikvidze, head of the Georgian Fintech Association, told Business Insider Georgia.
According to him, the country has appropriate resources and a system managed by the National Bank, to which all financial institutions are connected.
Since its inception, FIA has been taking care of the development of the fintech sector in the country and offers unique services to the organizations involved in the said sector, which will help you obtain various types of licenses.
At the initial stage, you can take advantage of three types of licensing services: "Licensing of a virtual assets service provider", "Obtaining permission to engage in open banking" and "Licensing of a tax service provider". Licenses are issued by the National Bank of Georgia and that is why, first of all, FIA offers mediation in communication with them. In addition, the services include the management of the full cycle from the development of the relevant license acquisition project to the acquisition of the license, preparation of necessary documentation, preparation of mandatory policies/procedures, project management and communication with the regulator.
Hackathon winners were announced. 12 teams of students from different higher educational institutions took part in the competition, three of them won.
TBC and fintech association decided to join forces and signed a memorandum of cooperation.
This means that there will be additional development opportunities for the fintech ecosystem in Georgia. With joint efforts, TBC and Fintech Association will organize projects and events, promote the growth of competence among representatives of the field, hold conferences and educational meetings.
On October 7, 8, 9, a hackathon in financial technologies will be organized by the Fintech Association of Georgia and Alte University, the prize fund of which is 30,000 GEL.
The project is implemented with the financial support of the Estonian Embassy and the Georgian Innovation and Technology Agency (GITA). The partners of the event are the National Bank of Georgia and member organizations of the Georgian Fintech Association. Bachelor's and master's level students of any higher educational institution between the ages of 18 and 28 will be able to participate in the hackathon.
On November 12, 2021, with the Georgian Fintech Association's initiative and GEC Consulting's support, a working meeting/workshop was held regarding the principles of involvement in open banking.
During the workshop, Association members were advised about all the possibilities and challenges with regards to the involvement in open banking.
On December 9, 2021, the Georgian Fintech Association (FIA), together with the Small and Medium Entrepreneurship Development Association (SMEDA), held an online event, "Digital Products Exhibition."
The Georgian Fintech Association members gave presentations about their products and services within the event framework. Possible options regarding the digitalization of small and medium businesses were presented. Networking sessions were held, and a communication platform was set up to establish potential collaborations between small and medium-sized businesses and fintech companies.
More than 60 member organizations from the Georgian Fintech Association and the Small and Medium Entrepreneurship Development Association attended the event.
The goals of the event were:
Today, financial technology, abbreviated as "Fintech", is one of the fastest and most innovatively developing fields,
therefore it is very important to provide timely and accurate information to the public about developments, news and progress, the main and first means of which is the media.
On June 9, 2021, The Georgian Consortium presentation "Digital Transformation" was held at the initiative of about 40 large and medium technological, consulting, sectoral associations, and educational institutions of Georgia.
The consortium's goal is to develop Georgia's digital transformation, public e-services ecosystem and promote the growth of the country's international innovative export potential.
