12th Mar 2020 09:59
(Alliance News) - TBC Bank Group PLC on Thursday said it will expand its digital banking service to Germany to take advantage of the country's "startup-friendly environment".
The Space digital bank, Georgia's first, offers services such as instant consumer loans, bill payment and quick money transfer.
TBC said: "It has decided to further extend the internationalization strategy of its neobanking platform Space and launch it in Germany in order to leverage the country's startup-friendly environment and the growing Georgian diaspora.
"Space will be partnering with a local bank and our value proposition will include daily banking products and services as well as lending, remittances, international utility payments and multilingual customer care service. While Space will own the relationship with the customers, the local partner will provide the balance sheet for lending activities and ensure fulfilment of all regulatory requirements. Space will be mainly focusing on Georgian citizens living in Germany."
The service is set to launch in the second half of 2020 at a total cost of GEL4 million, about GBP1.1 million.
TBC added: "After the successful launch of this model on the German market, Space will be exploring opportunities in other European markets with a significant Georgian migrant population."
Shares in the company were 8.2% lower at 1,074.00 pence each in London on Thursday morning on London.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
TBC Bank Group