BFC Bulletins Monthly News Digest

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  …

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 …

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 …

Mastercard has teamed with Turkish mobile retailer Getir for the first Masterpass payment system via Facebook’s Messenger application. Getir (“Get here”) allows users to receive delivery of 600+ everyday items …

In summer 2016, Armenia’s ArCa and Russia’s The World signed a memorandum of understanding to serve each other’s cards. The roadmap was signed in November 2016, with pilot implementation of …

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 …

Keep an eye on the following trends to stay ahead of the curve. Removing friction from the customer journey – “smoother customer experience”; Rise of insurtech According to Meaghan Johnson, “There …

Tide, a British start-up, launched its mobile-first banking service. Tide aims to make the banking process more efficient for SMEs, positioning itself as the “world’s first” mobile focused bank catered …

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 …

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 …

An ever increasing number of SME customers are relying on mobile phones to conduct their transactions. The quality of Mobile Banking apps is therefore becoming a critical point of differentiation …

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 …

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. …

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 …

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 …

A Russian bank, “Открытие”, is planning to operate a facial recognition system in its three Moscow branches. The main goals are to optimize the client service/interaction experience and shorten waiting …

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 …

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 …

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 …

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 …