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In Georgia, tens of MFIs and online loan organizations might be closed

In the near future, tens of microfinance institutions and online organizations might be closed due to the new regulation that limits their activities. The regulation aims at restricting online loan services. There were 41 online loans and approximately 71 microfinance organizations registered in Georgia’s Creditinfo database. In the near future …

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Unibank receives PCI Data Security Standard certificate

Unibank has successfully passed PCI Data Security Standard (PCI DSS) requirements for 2016 and has been awarded the PCI DSS certificate. PCI DSS is one of the best security standards that helps improve transaction security technology for bank cards. Unibank sees working with PCI DSS as another step towards improving …

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Unibank introduces new loan application CRM system

Unibank has employed an automated process for providing unsecured loans to small businesses by using a new customer relationships management (CRM) system developed by Protobase Laboratories. The aim of the new CRM system is to increase the effectiveness and quality of customer service, significantly speed up the decision-making process in …

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Kapital Bank launches new mobile banking service

A new mobile banking service is being introduced in Azerbaijan by Kapital Bank, aiming to simplify services and improve convenience. The mobile app’s features include exchange rate information and virtual credit cards. The app also makes use of fingerprint technology for customers with enabled smartphones and tablets. Kapital Bank has …

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IBA service “Pension+” stimulates growth in non-cash payments

The International Bank of Azerbaijan (IBA) has adopted a new initiative to support retirees. The ‘Pension+’ program allows IBA pension cardholders to receive a loan of up to AZN 100. The loan is only available once a person’s monthly pension has been spent. The loan is then automatically repaid from …

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Creative fees offset Georgian attempts at cheaper financing

Some lenders are setting traps for customers in their online services designed to compensate for financial losses suffered following stricter interest rate regulations imposed by the government of Georgia. One such example that has appeared is the ‘Quick Transfer’ service fee, which transfers loan funds to approved clients more quickly …

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EU to finance large e-trade push in Azerbaijan

The European Commission intends to finance Azerbaijan’s 2018–2019 projects associated with the “Harmonizing Digital Markets of EU and Eastern Partnership Countries — HDM Initiative”. The projects will cover six focal points of the HDM Initiative, including  e-customs, e-commerce, e-business and e-security. The HDM Initiative is aimed at addressing issues connected …

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Armenian Ministry of Finance improves the e-procurement system

Speaking at a press conference presenting reforms in public procurement processes, Deputy Finance Minister Karen Tamazyan announced that the e-procurement system ARMEPS is constantly being improved and that it is a priority for the ongoing efforts to reform the public procurement system in Armenia. The aim of the reforms is …

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President signs restrictions for online loans

Economic adviser Maya Mikeladze announced that the recently approved bill, aimed at restricting online loan services, has been signed by the President. The bill was put forward as a way to protect borrowers from high-risk products and to limit online lending abuses. Maya Mikeladze gave assurances that the reform had …

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Georgia’s securities system to be revamped

2017 will mark the beginning of a large-scale remodeling of the capital market needs in Georgia. Georgia’s National Bank, Central Depository and stock market will all be infused with new technology that will make financial transactions faster, easier and more secure. More specifically, a new system is being installed for …

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Azerbaijan to delay VAT implementation on electronic payments

The Financial Markets Supervision Chamber (FMSC) and the Azerbaijani Ministry of Taxes have agreed that commercial banks will postpone the implementation of a VAT charge in e-commerce operations for one month. According to the latest amendment to the Tax Code, Azerbaijani banks will begin charging an 18% VAT to foreign …

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VTB Bank deploys 5,000 quick pay terminals in Georgia

VTB Bank’s express money transfer system now includes Nova quick payment terminals. All across Georgia, five thousand Nova terminals have been placed, allowing money to be sent within minutes. Transfer amounts via the terminals range from as small as GEL 5 to up to GEL 1,000. There is a fee …

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VTB Bank launches free SMS notification system in Armenia

In order to ensure better reliability for customers and timely customer notification, VTB Bank in Armenia has launched a free SMS notification service for customers. Bank customers will be able to receive real-time information on their bank transactions, including deposits, loan repayments, withdrawals and more. With loans, customers will receive …

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First payments through Telegram Messenger in Kazakhstan

Digital-only B1NK, part of Capital Bank Kazakhstan, has unveiled the region’s “first” chat and payments bot – using Telegram Messenger. Gani Uzbekov, CEO, Capital Bank Kazakhstan, confirms that people of Kazakhstan are “tech-savvy and ready to embrace technological innovations”. He expects high potential for the payment service usage, as it …

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New Electronic Document Management at ВТБ bank (Azerbaijan)

The bank ВТБ (Azerbaijan) completed the first phase of implementation of the Electronic Document Management (EDM) system. The decision came from the need to optimize the bank’s internal operational processes i.e. the automatization of the applications’ receipt into the bank’s internal services ( HR, IT, maintenance department), registration of mail …

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Samsung Pay has been launched in Russia

On the 29th of September 2016, Samsung Electronics launched its payment service – Samsung Pay, in Russia. At the moment the service is already present in USA and South Korea and continues to spread throughout the world. The application represents a payment system embodied in your Samsung phone and works …

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