27.Jul .2020 19:18

Georgia's central bank considering issue of digital bank license

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In order to ensure financial stability the National Bank of Georgia (NBG) is taking actions to promote the development of new technologies and innovative approaches in the financial sector.

For this reason the NBG has launched the financial innovation office earlier this year, which will be a means of communication between the NBG and the community of innovators of financial technologies and created a laboratory to test innovative financial products.

Now the NBG is considering the issue of digital bank licensing to facilitate the development of innovative business models, diversify financial products, make better use of big data and develop a customised, convenient, fast and affordable digital financial ecosystem based on the technological infrastructure around the customer.

Digital bank licensing will also help to efficiently use cloud services, encourage the entry of new technological players and increase competition in the financial sector.