The National Bank of Georgia Considers Digital Bank Licensing
27 July, 2020
The National Bank of Georgia strives to promote development of new technologies and innovative approaches in the financial sector to increase financial stability and financial inclusion. It is noteworthy that the National Bank has already launched the Financial Innovation Officeand a Regulation Laboratoryto support innovative business models.
Currently, the NBG is considering the issue of digital bank licensing in Georgia. By facilitating the development of the digital banking model, the National Bank aims to: promote the development of innovative business models and diversity of financial products; make better use of big data; develop a customized, convenient, fast and affordable digital financial ecosystems utilizing the technological infrastructure close to the customer; use cloud services effectively; simplify integration with technology companies and develop a banking as a service business model; facilitate entry of new technological players and increase competition in the financial sector.
Those interested in obtaining a digital bank license and/or developing a digital bank framework can contact the National Bank’s Financial Innovation Office.