Tbilisi (GBC) - Participants of the NBG's Open Banking Technical Sandbox project presented prototypes of financial services they created. The presentation took place at a summary meeting where the results of the tests conducted during the project were also shared.

Among the participants were companies such as "Creditservice+" JSC microfinance organization, "Techgethr", a fintech startup from Chile and Georgian fintech companies "Lightsfeed Digital" and "Scani Solutions".

The Open Banking Technical Sandbox project, implemented by the NBG in collaboration with the International Finance Corporation (IFC), was announced in the summer of 2023. Its goal is to promote the development of Open Banking, enhance its usefulness for users, and provide an opportunity for start-ups and fintech companies to test Open Banking API services.

Participants of the technical sandbox, representing various sectors and both Georgian and overseas start-up companies, had the opportunity to explore the capabilities of two pre-selected Open Banking APIs in a test environment. They used these APIs to create innovative financial products for users.

IFC will provide a summary of the project's final results and recommendations for next steps in March. This will help the National Bank of Georgia to understand the future prospects of Open Banking/Finance development and determine the next steps to promote financial technology development.

The National Bank of Georgia is committed to improving the competitive environment and constantly works on developing financial technologies through various projects.