NBG and Bank of Korea partner to advance cashless payment systems
The partnership between the National Bank of Georgia (NBG) and the Bank of Korea represents a significant step towards developing Georgia’s financial system and deepening international cooperation. Within the framework of an agreement concluded between the two countries’ central banks, a project is underway aimed at promoting the development of cashless (electronic) payments in Georgia.
According to the NBG, the project also aims to develop payment systems and increase consumer engagement in the electronic payments sphere, focusing on identifying legislative and infrastructural barriers, encouraging technological innovation in the payments sector, and studying consumer behaviour.
Within the framework of the agreement, organised by the Bank of Korea and the Korea Financial Telecommunications and Clearings Institute (KFTC), a visit by the National Bank of Georgia’s payment systems team took place in Seoul, led by National Bank Vice-President Ekaterine Galdava.
During the visit, representatives of the NBG were introduced to Korea’s experience in developing electronic services, including best practices for enhancing payment systems, implementing innovative financial technologies, and adopting contemporary regulatory approaches. Meetings were held with representatives of the Korean Exchange and Korean Credit Information Services during the visit.
“The partnership with the Bank of Korea offers us a valuable opportunity to gain insight into advanced expertise and to evaluate how innovative technologies and modern regulatory approaches can be tailored to Georgia’s financial ecosystem. We aim to enhance consumer trust and engagement in electronic payments, which is vital for the country’s financial stability,” stated Ekaterine Galdava, Vice-President of the National Bank.
The National Bank of Georgia reported that the next stage of the project will involve a detailed analysis, including consideration of technological and legal aspects. Based on the results of the analysis, recommendations will be developed to support the growth of the payment ecosystem, enhance consumer engagement, and improve access to financial services.
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