Georgian central bank issues digital banking licence to Hash HSC

The National Bank of Georgia has issued a digital banking licence to Hash HSC, which intends to provide banking services mainly through electronic channels.

The central bank said on Tuesday by developing the digital bank model in Georgia it intended to promote the development of “innovative business models”, “diversity of financial products”, and a “convenient, fast and affordable digital financial ecosystem” tailored to customers.

It also said the initiative looked to support entry of “new technological players and increasing competition in the financial sector”.

The body said Hash HSC solutions would be operated in test mode for seven months after receiving the banking activity licence, with limited actual implementation.

Granting of the authority to carry out banking activities in the full environment will be done step by step following fulfilment of licence requirements issued by the National Bank”, it added.

The issuance of this licence means the banking sector of the country now involves 16 commercial banks.