The National Bank of Georgia issued a banking license to Paysera Georgia Joint Stock Company based on the digital bank licensing principles.

Paysera Georgia’s business model is based on integration with the financial system of the European Union and involves providing innovative digital products to customers. Given the digital model, Paysera Georgia’s services can be used remotely, without branches or service centers.

According to the digital bank licensing principles developed by the National Bank of Georgia, after assessing the applicant’s business model and compliance with the requirements established by law, a banking license with certain limitations is issued and a period is set for the full operation of the digital bank and gradual replenishment of the minimum amount of capital.

After receiving the license, Paysera Georgia will operate in test mode for 4 months with certain restrictions. The real-time banking authority will be granted in stages.

Georgian business edition bm.ge reports that former Georgian Minister of Economy Dimitri Kumsishvili has been appointed as the bank’s CEO.

Paysera is a fintech company with 100% Lithuanian capital. According to the company’s website, Paysera creates a modern world of payments without borders, and its services are used by “both private and business clients all over the world.”

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