The National Bank of Georgia granted a banking license to Hash Bank JSC, based on the principles of digital bank licensing.

The Hash Bank JSC intends to operate as a digital bank, and to provide banking services mainly through electronic channels. The bank aims to guide both conventional and technology-driven customers through transition to a digital strategy.

By developing a digital bank model in Georgia, the National Bank of Georgia promotes innovative business models and diversity of financial products, and encourages the development of a convenient, fast and affordable digital financial ecosystem adapted to the technology infrastructure available to customers. The NBG facilitates the entry of new technology players and helps spark competition in the financial sector.

The principles of digital bank licensing developed by the National Bank of Georgia stipulate that, following the assessment of the applicant's business model and compliance with the requirements established by the law, the banking license is granted with certain restrictions, and the applicant is given an appropriate period for the full operation as the digital bank and the gradual replenishment of the minimum regulatory capital.

Hash Bank JSC will be operating only in test mode for 7 months after being granted the banking license, and doing banking in the real environment will be limited. Following the fulfillment of license requirements and subject to approval by the National Bank of Georgia, the authority to do banking in real mode will be granted step by step.

The terms of each phase and the list of permitted activities may change by the decision of the NBG.

The banking sector of Georgia is now represented by 16 commercial banks, including the newly licensed bank.

 

Updated 30/05/2024