NBG Grants a Digital Banking License to Pave Bank Georgia JSC

NBG Grants a Digital Banking License to Pave Bank Georgia JSC

15 December, 2023

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

Pave Bank  Georgia JSC intends to operate as a digital bank, to integrate financial products and link them with digital assets and programmable accounts. The bank aims to serve technology-driven companies.

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.

The founders of Pave Bank Georgia JSC are the financial sector shareholders with long and significant international experience, who, at different times, have worked in companies and organizations such as the World Bank, Monzo Bank, HSBC, Carta Worldwide, Big Pay fintech, BT Group and others.

In addition, they have business relations with well-known major funds such as Quona Capital, FT Partners, BR Capital, w3.Fund and other angel investors.

This fact is a positive factor for the bank and the Georgian financial sector as a whole.

Pave Bank Georgia 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.