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The Impact of Fintech on Financial Institutions: The Case of Georgia

Author

Listed:
  • Lashkhi Mariam

    (Faculty of Business and Engineering, East European University, Davit Aghmashenebeli Alley 12th km, Tbilisi, Georgia)

  • Charaia Vakhtang

    (School of Business and Management, Grigol Robakidze University, Irina Enukidze 3 Tbilisi 0159, Georgia)

  • Boyarchuk Artem

    (Department of Law, Tallinn University of Technology, Akadeemia tee 3 Tallinn 12618, Estonia)

  • Ebralidze Lana

    (School of Business and Management, Grigol Robakidze University, Irina Enukidze 3, Tbilisi 0159, Georgia)

Abstract

Using Georgia as an example, this article analyses the fintech ecosystem and the impact of fintech companies on traditional financial institutions. Both qualitative and qualitative research has been carried out for this research. Based on the analysis of Georgian and international financial markets, as well as the qualitative and regressive analysis used in the study, assumptions were made about the impact of fintech companies on traditional financial institutions. Moreover, the study identifies the challenges that hinder the development of the fintech ecosystem in Georgia regarding infrastructure, finance, regulation, and education. This article also reveals several aspects that positively affect the outcome of fintech and the diversification of the Georgian financial market. At the end of the article, the relevant conclusions and applicable recommendations are given.

Suggested Citation

  • Lashkhi Mariam & Charaia Vakhtang & Boyarchuk Artem & Ebralidze Lana, 2022. "The Impact of Fintech on Financial Institutions: The Case of Georgia," TalTech Journal of European Studies, Sciendo, vol. 12(2), pages 20-42, December.
    • Handle: RePEc:vrs:bjeust:v:12:y:2022:i:2:p:20-42:n:1
    DOI: 10.2478/bjes-2022-0010
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