The National Bank invites applicants to participate in the E-scrow service project of the Regulatory Laboratory

The National Bank of Georgia offers interested non-banking institutions to participate in the escrow service project of the Regulatory Laboratory. The National Bank publishes information about this.

According to them, the goal of the project is to create a regulatory framework by the National Bank of Georgia, with the involvement of interested parties in this process.

"At the current stage, according to the instructions on opening accounts in banking institutions, only a commercial bank can be an escrow agent, which provides escrow services in accordance with the terms of the escrow agreement. The non-banking institutions participating in the mentioned project will have the opportunity to electronically submit their own escrow service schemes to the National Bank, which must be in compliance with the law and within the limits allowed for commercial banks. The National Bank will review the mentioned schemes in accordance with the established rules.

The National Bank promotes the development of the fintech sector, and this project is another step taken in this direction. The National Bank is ready to accept applications from persons interested in the project from January 15, 2024 to September 1, 2024. Additional information about the regulation laboratory can be found at the following link.Interested persons can contact the Innovation Office of the National Bank of Georgia for additional information and to be included in the Regulation Laboratory project: innovationoffice@nbg.gov.ge

This should not be perceived as a promise by the administrative body and/or any kind of legal obligation for the National Bank of Georgia regarding the development of the regulatory/legislative framework and the granting of appropriate authority to third parties for the given activity," the information says.