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First fully-digital bank in Georgia

In May last year, the first fully-digital bank (called Space) opened in Georgia. The bank operates as a daily finance management application and has no branches or other physical spaces. It offers its customers the opportunity to association another bank accounts with it, make money transfers, obtain a loan in …

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OPPA e-wallet enters Georgian digital market

A new electronic wallet (e-wallet) – OPPA – has entered the Georgian digital market. The OPPA brand was created by JSO OPPA (formerly Nova Technology), which operates the PayBox payment terminals and manages online payments pages through its website. Through the OPPA e-wallet, the company hopes to introduce a modern …

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Blockchain technology: a significant opportunity for Georgia

According to the new ‘Cryptocurrencies and Blockchain: Europe and Central Asia Economic Update’ World Bank report, Georgia experienced a 5.0% growth in digital technology in 2017 and is projected to grow another 4.5% in 2018, putting the country in a position to take full advantage of new digital technologies to …

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Georgia works to balance demand for online loans with proper regulations

The government of Georgia is working to find a proper balance between regulating online loans and allowing online lenders the flexibility they need to meet consumer demands. Economic Minister Dimitri Kumsishvili noted that, in an attempt to protect consumers from exorbitant interest rates, the first attempt of government reform actually …

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Encouraging Georgian SMEs via access to transparent online loans

Georgian Finance Minister Mamuka Bakhtadze has announced changes designed to encourage small- and medium-sized enterprises (SMEs) in the country. As part of this effort, the Finance Minister specifically noted that the government is working to ensure that SMEs have easy access to credit. As such, work is being done to …

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The growth of FinTech in Georgia

FinTech is becoming of crucial importance for financial institutions, influencing nearly every financial activity and transforming money management channels. The financial sector in Georgia is no different; here’s a quick glance at how FinTech has grown in the country: Plastic cards — plastic cards are widely-used as a retail instrument …

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Georgia needs to focus on artificial intelligence now to benefit tomorrow

As a future with artificial intelligence both excites and causes concerns around the world, the adoption of artificial intelligence technology in Georgia remains relatively low, and Georgian authorities are being advised to focus on the development of artificial intelligence in order to ensure future economic growth, spur job creation and …

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Cryptocurrency mining increasing in popularity in Georgia

Digital currency is gaining in popularity in Georgia, and the country even hosts two facilities of the world’s largest bitcoin-mining company. There are also an increasing number Georgian entrepreneurs mining for bitcoin and other cryptocurrencies with the help of machines installed in their homes. There has even been a movement …

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TBC Bank initiative promotes internet and mobile banking

TBC Bank is offering its clients a chance to win prizes from a raffle they will be conducting on December 31, 2017. Clients will receive credit for each internet or mobile banking transaction or purchase made prior to December 31. Instant gifts as part of the promotion include GEL 2,000 …

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Terabank’s e-banking just got more convenient

For many Georgians, banking just became a little easier via ebanking.ge. The site, operated by Terabank, has been redesigned with a new interface and system that now allows users to make transfers, pay utilities, purchase tickets, control banking assets and more, all from the comfort of home or wherever they …

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Liberty Bank launches ‘My Concierge’ service

Liberty Bank has added the ‘My Concierge’ service, which allows users to receive SMS notifications about debts owed and make automatic monthly payments to selected service providers. The new service is available free of charge. New Sberbank service protects against non-fulfillment of obligations 17% of Uzbek users face cyber-attacks each …

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Georgia’s future bright with cryptocurrencies

Andrew Trion-Hill, an expert on electronic money who arrived in Georgia in 2007 to develop an electronic  money system, is predicting that Georgia has a great future with cryptocurrencies. Mr. Trion-Hill believes this important for Georgia since cryptocurrencies are predicted to revolutionize the money systems being used throughout the world …

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Ushba.io: the new Georgian platform for cryptocurrency trading

Ushba.io is a new Georgian platform for cryptocurrency trading. The platform enables people to exchange cryptocurrency and contact each other through a mediator (peer-to-peer trading). At the same time, consumers are able to exchange cryptocurrency into traditional currency (flat exchange) or place it in a protected space (cold storage). All …

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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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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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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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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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