The National Bank of Georgia issued a digital banking licence to Pave Georgia to operate as a digital bank, combining financial products and connecting them with digital assets and accounts, and serving technologically advanced companies.

Under the law, after receiving the licence, Pave Georgia will work in a test mode for seven months with limited banking activities, and after fulfilling the licence requirements, the company will be permitted to conduct live mode banking operations.

Pave Georgia, whose shareholders have “long and significant” international experience in the financial sector working with the World Bank, Monzo Bank, HSBC Bank, Carta Worldwide, fintech company BigPay and BT Group, also have business relations with well-known funds, including Quona Capital, Financial Technology Partners, BR Capital and other angel investors, the NBG said.

Development of digital banking aims to promote advancement of the innovative business models, diversification of financial products, and evolution of a user-oriented “convenient, fast and affordable” digital financial ecosystem, as well as the increase of competition in the financial sector, the Bank added.

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