Banking
Posted: 4 months ago

AWS Announces Collaboration with Georgia’s First NeoBank Space

8 months after the birth of this idea, the first absolutely digital bank SPACE was launched in 2018.

A special role in this innovation was played by Amazon’s web service that SPACE has been using for 2 years. Recently, AWS published the so-called case study on its own website. The case study describes how their services are used.

Amazon Web Services is an Amazon subsidiary that provides cloud computing platforms and software interface for physical bodies, businesses, and government structures. Thanks to these services, SPACE has built an optimal infrastructure and it supplies 24-hour stable services to the consumers.

"In the past, it was impossible to carry out banking transactions in nonworking hours, but today the consumers have urgent access to these services thanks to AWS cloud platform”, SPACE manager general Lasha Gurgenidze noted.

"We attracted 40,000 subscribers in a month. We have proved that it is possible to thoroughly manage the digital bank, without branches, by use of cloud services”.

"Neobank SPACE services such as loans, deposits, cards – everything is absolutely digital. For example, SPACE uses Amazon Recognition face identification function for identifying a new user in the process of opening an account. Thanks to this function, SPACE is able to compare the passport or ID card photos to the photo taken within the system”, the publication reads.

"It may take more than 6 months to build all components of the internal infrastructure elsewhere”, Gurgenidze noted.

"By use of AWS, only 6 minutes suffice. This system alleviates entering new markets. We can just clone the Georgia-based infrastructure by several clicks”, he added.

SPACE is the first entirely digital bank in Georgia, the bank without branches and physical spaces that exists only in cellular phones in the form of applications. The objective of SPACE is to develop and offer client-oriented simple, transparent, and urgent banking services.