TBILISI - The National Bank of Georgia has officially accredited Hash JSC, a new entrant in the digital banking space, with a banking activity license. This strategic move, announced today, is set to enhance customer access to financial services and introduce advanced financial technologies to the Georgian market.
Hash Bank has been recognized for its potential to infuse global innovation into local consumer finance, particularly targeting tech-savvy customers. With the license obtained on November 14, 2023, Hash Bank is now poised to streamline banking operations using modern financial technology solutions.
Under the "Digital bank licensing principles," Hash JSC will commence operations in a restricted mode, entering a 7-month test period. This approach underscores the National Bank of Georgia's commitment to fostering innovative business models and diverse financial products. It marks a significant development in creating an affordable digital financial ecosystem and paves the way for new technology players in the Georgian banking sector, which currently comprises 16 commercial banks.
The licensing of Hash JSC is a testament to the growing recognition of fintech firms' role in competitive financial markets. By embracing these emerging players, the National Bank of Georgia aims to bolster the overall resilience and inclusivity of the country's banking system.
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