Tbilisi (GBC) - The fintech market will be fully operational by the end of the year. Especially small businesses are waiting for the emergence of an alternative channel of access to finance, which is hampered by the delay in the loan procedure.

At this time, a new lifeline appears in the financial market, which assumes a kind of intermediary role between business and banks.

As the founder of "Geofintech" Gigi Glont told his business partner, the bureau-platform will be useful for both parties. The company will be assisted in the preparation of financial documentation to be submitted to the borrower. On the other hand, through the new platform, banks will search for the desired client.

As you know, this intermediary link between the borrower and the lender was created by "Open Banking". After the NBG made changes in the regulation and "Creditinfo" was given the opportunity to share information with other entities besides banks.

Bureau-platforms will offer a set of loan products of different banks online to the customer, who will choose the best one from the mentioned package.

The financial market expects a variety of content from the fintech segment, not limited to niche products, but also combined packages. The advantage of the platform is the variety of choices. The potential client is given the opportunity to get acquainted with the offers of several banks/MFO/insurance/leasing companies at the same time.

At the moment, along with "Geofintech" there is also the 2nd entity "Ranco" on the market. The bureau-platform has access to the creditinfo database. The NBG registers the interested person, the platform, within the framework of the regulatory laboratory (for the purpose of implementing financial technological projects).

"Geofintech" will serve companies, the main target group is small and micro-businesses. "Ranko" plans to operate in the retail segment.

The platform will receive income from partner lenders in the form of a commission, the bureau-platform service is free for the borrower.