Within the framework of its Institutional Research Series, the Korea Institute of Finance published a study co-authored by Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department at the National Bank of Georgia.

The study was prepared in co-authorship with Kwang Seok Choi, Manager at the MyData Support Center of Korea Credit Information Services, and focuses on sharing Korea’s experience in building a sustainable, data-driven economy for Georgia.

The document discusses how the experience of Korea’s MyData framework can be used in the development process of Georgia’s Open Banking and Open Finance strategy.

The study highlights that Korea is one of the global frontrunners in MyData, with a strong regulatory framework, standardized APIs, and a user-consent-based approach to data sharing. Based on this experience, key directions for Georgia include strengthening technical and consent standards, implementing pilot projects, and taking steps focused on enhancing consumer awareness and trust. Preparatory work is underway at the National Bank of Georgia for the practical implementation of the Open Finance roadmap, both domestically and in cooperation with international partners.

“For Georgia, Korea offers a practical reference: both countries share PSD2 roots, and Georgia can adapt Korea’s architecture to accelerate its own Open Finance roadmap. By adopting elements of the Korean model, Georgia can build a secure, inclusive, and interoperable data economy aligned with EU standards,” said Varlam Ebanoidze.

Korea is a global frontrunner in MyData and personal data reuse, backed by strong government support, a mature regulatory framework, and a high adoption rate, with more than 165 million service subscriptions.

Open Banking in Georgia has already created tangible benefits for the country’s financial sector. It has promoted competition within the financial services industry, fostering a more dynamic and efficient market environment.

“We believe this is a strong foundation that motivates us to move forward with Open Finance and subsequently establish a data economy in the country,” added Varlam Ebanoidze.

The research was developed under the Visiting International Professional Program (ViPP), and the corresponding Memorandum of Agreement was concluded between the Council for International Financial Cooperation (CIFC) and the National Bank of Georgia (NBG).