Georgia
“Can Georgia's nascent NBG-mandated Open Banking framework (NextGenPSD2-based) catalyze a domestic fintech ecosystem, or will the country remain primarily a corridor for SWIFT-based cross-border payments?”
The evidence covers two distinct 'Georgia' entities: (1) the country of Georgia (Sakartvelo), whose National Bank has established an Open Banking framework based on NextGenPSD2 XS2A standards and maintains a public registry of licensed ASPSP/AISP/PISP participants; and (2) the US State of Georgia, whose Department of Banking and Finance charters Merchant Acquirer Limited Purpose Banks (MALPBs) enabling direct access to payment card networks. The country of Georgia's open banking regime is still nascent, with a handful of active bank participants and a small number of licensed TPPs (Money Movers, Tpay/Flitt, Verto, Vip Pay, MultiPrime, New Payment System/Fastoo). Embedded finance activity in the country is centered on Paysera's documented Open Banking API implementation and Backbase's digital transformation engagement with BasisBank.