georgia (Georgia) Digital Banking and Commercial Banking License Application Guide

2022 The 2016 Amendment to the Commercial Banking Activities Act established the "Conditional License" system, Allow for relaxation of initial minimum capital requirements.

Conventional commercial banks are 5000 10,000 GEL. The digital bank starts with 500 10,000 GEL, Must be in 4 To be supplemented during the transition period of 5000 10,000 GEL.

shareholder, Suitability of directors and officers, Capabilities and governance arrangements should be consistent with NBG banking regulatory requirements, Licensing conditions for digital banks still need to be implemented separately. Cannot unify 3 directors, 1A fixed five-year experience for resident directors or CEOs applies to all cases.

The diversity arrangements and applicable periods of the supervisory board and management should be checked against NBG’s current bank governance requirements., Historical targets or recommended ratios cannot be confused with the current unified statutory makeup of all digital banks..

If digital banks are 4 Failure to comply with business restrictions or failure to make up as scheduled during the sandbox period 5000 Million GEL Capital, The license will be revoked.

Amount of single personal deposits taken by digital banks, Must not exceed the statutory maximum amount insured by the deposit insurance company.

Application fee, annual regulatory fees, Capital and operating expenses should be reconciled separately. An application fee of 300,000 lari or a fixed annual range that is not confirmed by current official fee documentation cannot be considered a legal quotation.

Can refer toSupervision and application information of the Georgia digital bank license authority, Check corresponding systems and processing information.

Proof of legal source of authorized capital, business plan, Information about backlash between executives and shareholders, and Cybersecurity and AML/CFT Compliance Policy Documents.

After submitting the application, NBG conducts review of funding sources and compliance systems. The approval period for issuing a conditional license is usually 6-12 months.

Digital banking license does not automatically connect to SEPA, SWIFT or overseas correspondent bank, Nor does it automatically authorize all encryption services.. License conditions should be checked separately, Payment system access, Supervision of cooperative banks and virtual asset services.

Covers Georgia corporate formation, Fit & Compilation of due diligence materials for Proper executives, Full-process agency for business plan writing and NBG compliance review.

No. Digital banking framework may be phased, with conditions attached, The actual scope of approval should be, Risk and development stage operations, Not treating the preliminary phase as full deposit and clearing authority.

Submitting an application or obtaining a principled opinion does not mean that you are officially allowed to operate.. Final authorization should be confirmed first, Licensing conditions and prerequisites for starting business; Technical testing should be distinguished from real client funds and regulated transactions.

Cannot be regarded as the same approval. Regulatory authority assessment business authorization; Banks independently review customers, Source of funds and purpose of account. Obtaining a license or in-principle approval does not guarantee account opening, Clearing access and ongoing account services.

New products first, Customer Category, A case-by-case comparison of capital flows and operating areas with existing registrations or authorizations. If it exceeds the scope or affects the applicable conditions, Corresponding changes should be completed, It will be launched after notification or separate application..

Outsourcing does not mean transferring the responsibilities of the licensed entity. It is recommended to clarify the scope of services, data access, audit, accident report, Re-sourcing and exit arrangements, and retain sufficient internal personnel to supervise suppliers.

Compare legal names, Registration or license number, Authorized business, Licensing conditions and actual website. Group brand, The identity of affiliated companies and agents cannot replace the authorization of the contracting entity., Should be cross-checked with official records and licensing documents.

Both may change the control relationship. Direct and indirect shareholdings should be identified before trading, Significant impact and changes in ultimate controller, Check approval or notification procedures, and write regulatory conditions into the delivery arrangements.

First check whether the license conditions are still met, Arrange temporary supervision, Business restrictions and handovers, and complete applicable personnel notifications or new hire approvals. Nominal substitutes cannot solve gaps in actual performance of duties.

It is recommended to record complaints, Products and people involved, Processing time limit, Evidence and conclusion, and inform customers of applicable upgrade channels.. Processes should be rectified when systemic problems are discovered, Instead of just closing a single ticket.