Georgia's central bank considering issue of digital bank license
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. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
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.
In order to provide more transparency, increase competition and liquidity in the foreign exchange market the National Bank of Georgia is carrying out a reform that will come into force in October 1, 2020.
Starting June 1 the National Bank of Georgia (NBG) will launch a new tool for liquidity management to support the financing of small and medium-sized businesses in Georgia, announces the NBG.
The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG) are increasing the availability of the Georgian national currency, the lari (GEL), to private companies in a joint move to support businesses suffering from the impact of the coronavirus pandemic, announces the EBRD.
In order to reduce the negative effects caused by the coronavirus pandemic and strengthen the Georgian economy, the National Bank of Georgia has developed a temporary supervisory plan, which is in full compliance with the recommendations of the International Monetary Fund, European Central Bank and other leading financial authorities, announces the NBG.
A strong customer authentication rule and a new regulation on card-based instruments that will contribute to reducing fraud and secure the rights of customers will come into force this month, announces the National Bank of Georgia (NBG).
The International Monetary Fund has praised the measures adopted by the National Bank of Georgia (NBG) in the past two years aiming to strengthen the non-banking sector’s financial regulation, supervision and oversight in Georgia.