The National Bank Of Georgia Publishes Principles For Public Discussions Based On The Rule Of Engaging In Open Banking

The National Bank Of Georgia Publishes Principles For Public Discussions Based On The Rule Of Engaging In Open Banking

22 April, 2021

The National Bank attaches great importance to the development of financial technologies and the assembling of related business models. Numerous projects have been implemented in recent years to support Fintech. These include the Financial Innovation Office, Digital Banking, Regulatory Laboratory, Open Banking, etc.

The first stage of Open Nanking is already available for commercial banks from March 31, 2021. The current version of the Georgian Open Banking Standard is available at the following address: http://www.association.ge/bank-projects-detail/10/ghia-bankingi/

The next stage of the open banking project is to provide access to non-banking institutions. Non-banking institutions will have to meet certain criteria for inclusion in Open Banking, which the National Bank of Georgia publishes principles for public discussions based on the rule of engaging in open banking. At the same time, it is worth mentioning that the relevant legislative changes are being worked on in parallel, which, among other areas, regulates issues related to the basic principles of the rules of engaging in Open Banking. Accordingly, this document is not the final version. It may be modified or completely revised.

The National Bank is open to receive comments from interested parties by May 21, 2021, at the following e-mail address: OB@nbg.gov.ge. The principles on which the rule of engaging in Open Banking will based is available at the following link