Non-bank financial institutions and other interested organizations, including Fintech companies, will have an opportunity to engage in Open Banking starting from November 1, 2022. For this purpose, working meetings with non-bank institutions were held at the initiative of the National Bank of Georgia.

 

NBG Vice Governor Papuna Lezhava discussed the opportunities offered by Open Banking with representatives of microfinance institutions, and was pleased to answer questions. "We met with representatives of microfinance institutions and shared examples on how Open Banking can be used. I am very glad that this presentation aroused great interest. The meeting was very interactive: we received good, pragmatic questions. I expect that in the coming months we will see new, innovative products that will be created based on Open Banking and that microfinance institutions will offer to their customers," said Papuna Lezhava.

 

NBG representatives also held meetings with currency exchange bureaus, insurance companies and Fintech companies. They spoke at length about integrating non-banking institutions in Open Banking, and looked at current opportunities, potential for further expansion of Open Banking and the development of Open Finance.

 

By participating in Open Banking, non-bank institutions will have the opportunity, subject to the consent of the clients, to have access to information stored at banking institutions, using which they will be able to offer innovative services to their clients. This should help greater client access to banking services and having in place a variety of these services.

 

 

The NBG expresses its full readiness for further consultation and assistance through the Innovations Office and the Regulations Sendbox.