The National Bank of Georgia made changes to the regulation of the credit information bureau in late 2022, as part of its effort to promote the development of financial and supervisory technologies.

As a result of the changes made, the entrepreneurial entity, which, unlike the bureau, will only collect, process and issue credit information about a person, was named the Credit Information Bureau/Platform.

The platform will not store credit information, nor will lending entities provide it with relevant data in a mandatory manner. Considering the legal requirements, the platform is authorized, with the person's consent, to receive from the Credit Information Bureau, process and transfer to a third party credit, non-credit information and other relevant data about the same person.

Since the National Bank of Georgia is authorized to determine the platform's registration requirements, as well as the principles of regulation and supervision, it introduced Geofintech LLC - the first Credit Information Bureau/Platform in early October of 2023.

The National Bank of Georgia, within the framework of the Regulation Sandbox, offers interested persons the opportunity to register as a platform after filing an application, to then proceed with their financial technology projects.

For additional information, please feel free to write to us at the following e-mail address - innovations.office@nbg.gov.ge.