Mikabadze Discusses Prospects for the Development of Georgia’s Banking Sector at the "Tbilisi Financial Summit"

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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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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The event was opened by Sopnendu Mohanty, Executive Director of the Global Finance & Technology Network (GFTN) based in Singapore. Welcoming remarks were delivered by the Prime Minister of Georgia, Irakli Kobakhidze; the Minister of Economy and Sustainable Development, Mariam Kvrivishvili; and the Governor of the National Bank of Georgia, Natia Turnava."For the second consecutive year, Georgia has been part of an international network that brings together the world's leading financial centers, including Singapore, Japan, and Switzerland. This is the result of successful reforms implemented by the Government of Georgia and the National Bank of Georgia," stated Natia Turnava, Governor of the National Bank of Georgia, at the opening of the summit.According to her, despite global challenges, Georgia has maintained financial stability and a high rate of economic growth. Over the past five years, the average annual economic growth has reached 9.3%, while international reserves have doubled in the last two years, reaching 8.14 billion USD. The reserve adequacy indicator has also improved; the metric defined by the IMF methodology (the ARA metric) significantly exceeds the 100% adequacy threshold, standing at 128.2%.Natia Turnava noted that the Georgian financial sector is characterized by high capitalization and strong liquidity buffers, which enhances its attractiveness to international investors. In 2025, the annual growth of foreign direct investment in the financial sector reached 18.7%.The main theme of the summit is the development of regional economic and financial corridors at the intersection of policy, finance, and technology. During the two-day event, participants will discuss central bank priorities, financial stability, digital assets, the future of payments, artificial intelligence, and the cybersecurity of financial systems.The Governor of the National Bank of Georgia will participate in a high-level panel discussion titled "Central Bank Priorities for 2027."The "Tbilisi Financial Summit" serves as a significant platform for strengthening Georgia's position within the international financial and technological ecosystem, deepening cooperation with international partners, and showcasing investment opportunities.The summit is jointly organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Financial and Technology Network (GFTN).

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Sopnendu Mohanty highlighted the role of the National Bank of Georgia in fostering financial innovation, noting that the country is already taking significant steps toward modernizing its financial system through the implementation of open banking. In his assessment, Georgia has the opportunity to build upon this experience and advance to the next stage of financial technology development."Open banking, regulatory sandboxes, digital banks, the digital Lari, you are not merely implementing technology; you are creating it. Yet, technology is not the end goal. The goal is a financial system that is productive, sustainable, and trustworthy. While technology defines the capabilities of finance, trust determines how far it can go. Let us make Tbilisi the place where these two converge," stated Sopnendu Mohanty.Speaking on Georgia’s development prospects, the Executive Director of the GFTN Group noted that three areas will be of particular importance for the further development of Georgia’s financial sector: artificial intelligence, tokenization, and quantum technologies.Regarding artificial intelligence, he pointed out that the development of this technology is entering a new phase - one where AI does not just process information and answer questions, but also acts independently. According to his assessment, the use of artificial intelligence in the financial sector will facilitate the rapid detection of fraud, more accurate risk assessment, and improved services for customers. At the same time, it is essential to have appropriate regulatory frameworks in place that ensure both the development of innovation and the security of the financial system.Sopnendu Mohanty identified tokenization as another key area. He explained that a tokenized financial market enables the instantaneous settlement of money and assets. He noted that Georgia took steps toward digital currency at an early stage, and expressed hope that the country would leverage this experience to develop a fully-fledged tokenized market."Value grows when we share it, and Georgia lives by this principle," stated the Executive Director of the GFTN group.

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The lari-zation ratio for the total portfolio stands at 57.04% (compared to 50.77% the previous year). Dollarization has decreased to 43%; however, if the 7.1 billion GEL government portfolio is excluded, the figure exceeds 47%.According to the National Bank of Georgia (NBG), the weighted average annual market interest rate on term deposits in September was 7.10%. Specifically, the rate was 8.66% for deposits in the national currency and 2.40% for deposits in foreign currency.

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According to the National Bank of Georgia (NBG), the portfolio denominated in Georgian Lari (GEL) increased by 796.7 million GEL, while the foreign currency-denominated portfolio rose by 892.6 million GEL.As of October 1, 2026, the banking sector has extended 33.67 billion GEL in loans to legal entities, with more than 66% of this amount denominated in foreign currency.The volume of retail loans stands at 41.9 billion GEL (+16.8% year-on-year).The "larization" (share of GEL-denominated loans) of the total loan portfolio is 58.54% (compared to 58.2% the previous year).

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The procurement concerns 8–9 meter-long, low-floor, diesel-powered buses, designed to accommodate at least 50 passengers and adapted for persons with disabilities. The interiors will be equipped with heating and air conditioning systems, USB ports, and information monitors.The buses are to be delivered to Rustavi in ​​stages within 240 calendar days of the signing of the contract. The submission period for bids in the tender will open on October 29 and close on October 30.

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