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E-mortgage system launched in Azerbaijan

The government of Azerbaijan has completed the integration of an e-mortgage system, the Azerbaijani Mortgage Fund (AMF), into its e-government portal. This means that, as of August 1, 2017, it is possible to apply for a loan online without having to go to a bank in Azerbaijan. An electronic signature …

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Credit debt information to be hosted on e-government portal

Azerbaijan’s Cabinet of Ministers has amended the Instruction on the Rules of Notary Movements to allow negative credit histories of citizens to be published on an e-government portal. Detailed information (such as delinquent days, penalty amounts, purpose of the debt, reasons for late payments, etc.) will be gathered and published …

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Araratbank to become a classic, digital and investment bank by 2020

Ashot Osipyan, CEO of Araratbank, announced his bank’s NewBank strategic development program which will transform the bank into a classic, digital and investment bank. Within the classic commercial bank structure model, the bank intends to review its structure and work to improve the efficiency of banking products, branches and financial …

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How do online lending companies face the imposed strict regulations?

Five months after the introduction of fairly strict government regulations, the volume of loans issued by some online lending companies has significantly decreased, along with the number of people they employ. The new regulations, which apply only to online lending companies and not to commercial banks or microfinance organizations, limit …

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Silk Way Bank facilitating VAT refunds using a mobile app

Silk Way Bank in Azerbaijan has launched a new mobile app called TaxFree4U. The app facilitates the process of refunding VAT after travelling to European countries, specifically Italy, Spain, France, Great Britain, Germany and Finland. The benefits of the system are: TaxFree4U’s service gives the highest cash-back percentage and combines …

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VTB Bank launches online reservation system for services

In order to save clients time, VTB bank is launching a convenient online service for clients to book a time slot before coming to the bank. A client only needs to fill out an online form specifying his/her interested service, branch location and date and time. Once the registration has …

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TBC launches new innovative services and products for businesses

TBC Bank in Georgia has announced the launch of brand new innovative products and services for corporate clients. Corporate clients will have the chance to register and open accounts remotely, either online or by phone, within five minutes. After opening an account remotely by phone, the necessary documents are delivered …

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Mobile banking access without internet for the first time in Georgia

Terabank has made its mobile application accessible to clients without the use of internet traffic, meaning that clients can access their banking information even if their mobile data has expired. The bank implemented a test of this latest innovation last month and, after verifying that it is functioning properly, is …

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Expert panel discusses slow e-commerce development in Armenia

Ameriabank organized a panel discussion in April 2017 with telecommunication and bank sector experts to discuss the slow development of e-commerce in Armenia. Arman Barseghyan, head of retail banking at Ameriabank, noted that three key factors are impeding e-commerce development in the country: problems associated with the quality and reliability …

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Central Bank of Armenia to implement Intellect QCBS

The digital transformation of the Central Bank of Armenia will include the use of Intellect’s Quantum Central Banking System (QCBS). The QCBS will modernize and streamline business processes across multiple departments at the Central Bank as well as for external entities which conduct business with the bank. The Central Bank …

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Georgia first to use blockchain technology to develop land registry

Georgia is pioneering a new system for registering land titles, property transactions, mortgages, demolitions and notary services by using the same blockchain technology that underpins the virtual currency bitcoin. The idea behind this initiative is that blockchain technology relies on a distributed database to store information accurately and securely. Once …

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Ameriabank launches a new payment application called Drops

Ameriabank has teamed up with Drops LLC to develop the new Drops application, which allows for automated payments to be made using a payment card. The Drops application works by charging user payment cards the amount due and then transferring the funds to operators. This allows users to manage all …

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New version of Unibank Mobile has been launched

Unibank has launched a new version of its Unibank Mobile application for iOS and Android tablets. This last version adds few more functionalities to the previous version. Now the application allows users to: Access any account information Complete any C2C money transfer Block/Unblock cards Pay any service fee (ex: loan …

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International Bank of Azerbaijan among top banks in development of e-commerce

International Bank of Azerbaijan (IBA) has been nominated for the ‘Bank-Leader in e-Commerce Development’ award and the ‘Bank-Leader in Infrastructure on Contactless POS-Terminals’ award. The awards are part of a competition held by the Azerbaijan Central Bank. By developing its e-commerce infrastructure, IBA is promoting the expansion of non-cash payments …

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Anelik bank introduces ‘Hello, Anelik‘ system

Anelik Bank is the first financial institution in Armenia to introduce an automated system for communication with its customers via Facebook. The system, called ‘Hello, Anelik’, was launched on the  February 20, 2017. Customers can use the system to receive not only information about bank products but also other useful …

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TBC bank — first one to use chatbot for communication with clients

For the first time in Georgia, users of Facebook’s Messenger application will be able to access information about TBC bank products via T-Bot, an innovative financial services product which makes remote channels accessible and contemporary. T-Bot allows users to obtain information about: exchange rates loan terms and conditions locations of …

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Terabank: SMS code instead of signature

Terabank is offering increased flexibility to its clients in some of its banking operations. Going forward, if the requested banking operations do not exceed GEL 1,500, the clients need only to provide an SMS signature and are not required to provide the signed paper copies of the documents. This new …

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