Banking
Posted: 2 weeks ago

Georgia’s First Digital Bank “Space” Enters the Global Market

Georgia’s first digital bank, “Space,” has entered the global market. What benefits will Space receive from its partnership with VISA, and which countries will it appear in? TBC Bank deputy director general Nikoloz Kurdiani answered these questions for BusinessPartner. 

After their first successful year, Space plans to enter the European and CIS markets. This is a digital application only for cellular phones. The bank has no branches, and all work is performed online. People without enough time in their everyday life are the application’s clients. “Over the last  year, more than 160,000 people have opened accounts, while we expected a half this number. It is interesting that about 600,000 people have downloaded the application”, Kurdiani noted. 

Space plans to enter several new markets, including Uzbekistan, he said. 

In response to questions regarding non-core business activities, Kurdiani explains that the guiding principle is that the company remain in the banking business. 

“The ecosystem is related to a person’s everyday life. Our objective is to offer our assistance  where there is no payment, lending or any other services. The word ‘ecosystem’ implies a comprehensive analysis”, Kurdiani said.