The National Bank of Georgia approved the Regulation on Capital Adequacy Requirements for Payment Service Providers.

The legal initiative is about ensuring the financial stability of important payment service providers in Georgia, including important providers of electronic money, effective operation and reduction of risks arising from business activities.

The regulation sets out minimum regulatory capital requirements for significant providers, and includes the methodology for calculating regulatory capital. The minimum regulatory capital requirement also applies to payment initiation service providers. The regulation was developed based on best international practices, the business specifics of payment service providers registered in Georgia and the results of capital calculation testing using their financial data of the last 3 years.

The regulation on capital adequacy requirements for payment service providers will come into effect on January 1, 2024. The document (with attachments) is published in the legal acts section of the official website of the National Bank of Georgia.