Digital Transformation of Financial Sphere in Georgia

Abstract

The twenty-first century is known as the age of digital technologies. It is even referred to as the 4.0 industrial revolution. The use of digital technologies is becoming increasingly relevant in the world, including in Georgia. Creation of new jobs, minimization of production costs, economic growth are vital issues for any country. Everything is possible with innovative approaches and the use of digital technologies. They greatly contribute to the formation of the world's digital economy. According to international statistical data, it is clear that the rate of use of technologies is constantly increasing, and digitalization of business is becoming an inevitable process. The field of financial services is one of the developed and rapidly transforming fields that successfully implements new digital technologies. The main segments in the financial direction are: transfers, financial market, asset management, blockchain. Blockchain-based fintech technology has turned out to be a turning point in this direction. Its characteristics are: speed, simplicity and flexibility. Keywords: financial sphere, fintech, transfers, open banking.