Fintech company Raisin: Georgia has great potential for the development of financial technology

Tamaz Giorgadze, the Director of the international fintech company Raisin, on Thursday said Georgia had great potential for the development of financial technology, in comments during a panel discussion at the 57th annual meeting of the ADB in Tbilisi.

“Even though Georgia is still in the process of building its fintech ecosystem, the country has the necessary prerequisites to succeed. The country is moving towards European integration, which is very important for the development of the financial technology sector”, Giorgadze said.

He also cited human talent, capital and a domestic market as three essential factors for the development of the ecosystem.

“Human capital is the most crucial factor [...], and Georgia has many professionals who know the challenges of the sector. Progress has been made in raising capital, and there is a public fund that supports companies in finding initial financing. The small size of the domestic market is also noteworthy since it forces companies to think about finding export markets”, he said.

Giorgadze also emphasized the need for regional cooperation, saying Georgia would require markets to export technologies and products.

In terms of challenges, he listed the “need for the rapid growth of the sector, development of investment opportunities and creation of “many companies in a short period”.

The National Bank of Georgia said Raisin was the world's first platform that served consumers and banks simultaneously and connected them in deposits.

The company has been operating in the European Union, the United Kingdom and the United States for 12 years.