Memorandum of Understanding Signed between the National Bank of Georgia and Korea Financial Telecommunications and Clearings Institute

The memorandum, signed by Natia Turnava, Acting Governor of the National Bank of Georgia, and Jong Seok Park, CEO of the Korea Financial Telecommunications and Clearings Institute, aims to promote mutually beneficial cooperation to strengthen the payment infrastructure in Georgia.

Under the agreement, the parties will collaborate to enhance Georgia's payment infrastructure, focusing on areas such as fast payments, open banking, e-KYC (electronic "Know-Your-Customer"), the establishment of a specialized organization for retail payment infrastructure, and other relevant fields within the National Bank of Georgia's mandate. They will also work together on implementing further projects based on long-term mutual cooperation.