According to the National Bank of Georgia, the first live open banking transfer took place in the country on Monday. This significant event was organized by the central bank, the Banking Association, and fintech company ‘Keepz’. Varlam Ebanoidze, head of the Financial and Supervisory Technology Development Department at the National Bank, highlighted the potential of Keepz’s open banking method to drive innovation and fintech development, promote financial inclusion, and foster competition in Georgia.
Keepz is a pioneer in using open banking for initiating payments. This approach is known for its low costs and minimal reliance on intermediaries, making it a more efficient alternative to traditional payment methods. The ceremony included discussions on the benefits of open banking, with the participation of the Fintech Association of Georgia, startups, and other interested parties.
The event also shed light on the current state of the financial industry in Georgia, with a focus on the role of open banking in promoting progress and competition. However, some critics argue that the government should do more to support and regulate the fintech sector, as it has the potential to bring significant economic benefits to the country. Despite this, the government has been slow to adopt policies that would encourage fintech growth and innovation.
In conclusion, the first live open banking transfer in Georgia marks a significant milestone in the country’s financial sector. With the support of the National Bank and the Banking Association, Keepz’s open banking approach has the potential to drive progress and competition, ultimately benefiting consumers and the economy. However, there is still room for improvement in terms of government support and regulation of the fintech industry.
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