- 1plus1: Doubling Value with TBC’s Innovative Partner Application
1plus1, a recent winner of TBC and Make Georgia Innovative Startup, has launched its operations in Georgia just two months ago. Co-founded by friends and business partners Diana Lachkepiani and Zurab Rtskhiladze, 1plus1 brings a simple yet powerful idea to life: doubling the value for customers through a unique application.
“Our idea is straightforward: people always want to get more than what they pay for. The ‘buy one, get one free’ marketing method is proven worldwide. We aimed to create an international platform that consolidates products and services from numerous businesses, offering them through a user-friendly app. For just 9.80 GEL a month, users can access 1+1 deals from our partner companies. For instance, order one pizza and get another for free, or pay for one month at the gym and get the second month free,” explains co-founder Zurab Rtskhiladze.
Currently partnering with hundreds of businesses—including hotels, restaurants, gyms, and more—1plus1 offers a wide array of products and services through its platform. The application, set to launch soon, will help users track their savings easily. With a monthly fee of 9.80 GEL, users can significantly maximize their spending power, potentially doubling their savings on various purchases, such as hotel stays and dining out.
Internationally, the subscription fee will adapt to local currencies, priced at 9.80 euros in Europe and 9.80 dollars in the USA. The startup, in its early marketing phase, already boasts nearly 200 partner companies in Georgia, with plans to add at least 100 new partners each month. By the end of summer, they aim to collaborate with 500-600 businesses, including major brands.
Looking ahead, 1plus1 has ambitious growth plans. The company intends to make its 1+1 service free in Georgia once they achieve significant scale. Their universal platform caters to all age and social groups, and the team, currently 30-strong, is expected to grow by 10-15 people monthly, aiming for a workforce of 200-250 across Georgia. New offices are slated to open in Batumi, Kutaisi, and Milan by late summer.
Already expanding in Spain, with operations in Madrid and Barcelona, 1plus1 plans to establish a presence in 14 European cities by the end of 2024. Barcelona, seen as a strategic hub for European expansion, is expected to play a pivotal role in this growth.
1plus1, a Georgian brand, is on a mission to make a mark on the European stage with no limits to its ambitions.
- TBC Supports Avant Group’s “Moma Liv” Residential Complex in Tbilisi
With the support of TBC, Avant Group is constructing the “Moma Liv” residential complex at Dimitri Uznadze #43 in Tbilisi.
This new development is located near the future modern art museum and park, on the site of the former “Mikhailov Hospital,” which inspired its name. Blending urban living with modern art, “Moma Liv” promises both aesthetic appeal and complete comfort for its residents.
The project, costing $9 million (with TBC contributing $5.95 million), features a six-story building with 64 apartments. Amenities include a swimming pool, sauna, fitness room, underground parking, and a common workspace. Additionally, 1,000 square meters of the complex will be dedicated to a recreational area with various rest spaces.
Residents will benefit from a concierge service and security monitored by video cameras. Apartment sizes range from 41 to 484 square meters, offered in a “green frame” condition. The project is scheduled for completion in 2025.
Since 2014, Avant Group has completed numerous projects totaling 1,000,000 square meters. Their comprehensive 360-degree management system encompasses planning, design, construction supervision, and operational support.
For more details on “Moma Liv,” visit the Facebook (19) Facebook) page or the official website. (Avant Park – Avant Group)
- TBC: Weekly Update from the Chief Economist
What is Already Reflected in the Exchange Rate of the Lari?
April’s robust economic growth matched our expectations, with high activity indicated by TBC channel spending compared to last year. For instance, traditional tourism revenues in May, excluding migration effects, grew by approximately 47% in US dollars. However, while there was an increase compared to April, adjusting for seasonal factors shows a decrease. Recent daily data suggest that, excluding seasonal factors, tourist arrivals remain stable, maintaining high levels due to increased activity in recent months.
Overall, foreign exchange inflows have a neutral to positive impact on the lari’s exchange rate. Notably, around 400 million USD equivalent deposits were converted from GEL to foreign currencies in May, leading to a significant increase in foreign currency deposits and a decrease in GEL deposits. Despite the lack of May’s credit activity data, similar periods typically see a higher increase in GEL loans. Considering the size of Georgia’s economy and foreign exchange market, this conversion creates substantial pressure. However, NBG interventions, estimated at around 130 million USD during this period, have mitigated this pressure. Historically, depreciation pressures due to market sentiment tend to reverse, contributing to further consolidation of the lari. This does not negate the possibility of continued currency deposit conversions but highlights the importance of this factor in forecasts.
Regarding the seasonality of the lari, it is evident that net foreign exchange inflows in Georgia are seasonal, which used to affect the lari’s seasonality significantly. However, as market participants adjusted their expectations, the lari’s seasonality diminished. For example, there was more deposit larization before summer and the opposite before winter. This early adjustment in currency direction can act as a buffer against future lari devaluation. Similar logic applies to election periods, where expected significant depreciation post-elections tends to be priced in before the elections, a trend observed in previous election cycles.
In summary, according to TBC Capital’s lari exchange rate prediction framework, net foreign exchange inflows positively impact the lari, despite significant fluctuations due to sentiment. The weighted average exchange rate of the GEL against Georgia’s main trade partners remains neutral, and inflation is assessed as neutral to positive. While annual inflation is below target, annualized monthly indicators exceed 3%, implying that GEL devaluation will increase inflation. Considering these factors, our overall assessment is largely neutral, differing from the earlier base scenario that predicted a slight devaluation of the GEL.
- TBC Group Acquires Leading International Payment Platform
TBC Group has acquired an established international payment platform, significantly enhancing its strategic capabilities in the region. This acquisition will enable businesses to efficiently manage and accept payments, boost sales, and provide superior customer experiences.
The acquired platform has been successfully serving top industry companies in the global market for over seven years.
Initially, TBC Group will roll out a flexible and secure online payment management system in Georgia, Uzbekistan, Moldova, and Armenia. Future expansions will broaden the platform’s operational reach.
“TBC continues to expand in international markets, staying true to our mission of simplifying life for people and businesses. Last week, we finalized the acquisition of an international online payment platform with seven years of market experience and a robust partner network. This platform will allow businesses to manage payments and settlements, access detailed reports, and analyze customer behavior, ultimately aiding effective marketing decisions and increasing sales,” stated Tornike Gogichaishvili, Deputy General Director of TBC Bank.
In the dynamic world of e-commerce, a fast, flexible, and technologically advanced international payment platform empowers businesses to innovate and grow. This integration provides businesses of all sizes the opportunity to enter multiple regional markets, expanding their customer base and revenue with a single provider.
- TBC Presents: ZEG – Tbilisi Storytelling Festival
ZEG – The International Storytelling Festival returns to Tbilisi from June 21-23, bringing together top professionals from various fields to share their unique and inspiring stories. Over three days, the festival will feature discussions, sessions, film screenings, workshops, educational tours, and informal events.
ZEG – Tbilisi Storytelling Festival showcases media, literature, photography, cinema, technology, and other industry professionals who present captivating stories from their work and the wider world. This year’s festival will highlight current events in Georgia.
The speaker lineup is impressively diverse, featuring over 100 local and international speakers. Notable participants include Nobel Peace Prize laureate Maria Ressa; The New York Times bestselling author Gary Shteyngart; Emmy-nominated filmmaker Bao Nguyen, known for documentaries on Bruce Lee and We Are the World; artist Molly Crabapple, whose animated films have received three Emmy nominations; Joe Sabia, creator of renowned 73 Questions; Ukrainian philosopher and journalist Volodymyr Ermolenko; and Adam Pincus, an award-winning film producer and creative director.
The festival is organized by Impact Hub Tbilisi and Coda Story, with support from TBC Concept, Visa, the US Embassy in Georgia, Radio Liberty, IFPIM, the Strategy and Development Center CSD, the British Embassy in Georgia, the Civil Society Foundation, IREX, Setanta Sports, the Norwegian Ministry of Foreign Affairs, ROOMS, MARGO, Honore, Jujuna, and Windfor’s.
Tickets are available at tkt.ge/ZEG (https://tkt.ge/en/event/413662/zeg-tbilisi-storytelling-festival) . For more information, visit the festival’s webpage (ZEG Storytelling festival (zegfest.com)) or follow on LinkedIn ((32) ZEG Tbilisi Storytelling Festival: Overview | LinkedIn), Twitter (Profile / X), Facebook (Facebook), Instagram (ZEG Tbilisi Storytelling Festival (@zegfest) • Instagram photos and videos), and YouTube ((44) ZEG Tbilisi Storytelling Festival – YouTube).
- Get 20% Back Every Saturday with TBC Card in Kutaisi
Every Saturday, use your TBC card at one of 15 selected restaurants in (ქეშბექი იმერეთში – TBC Bank) Kutaisi and instantly receive 20% cashback, up to 20 GEL. Simply pay at the TBC POS terminal. This offer is valid until August 31, every Saturday
Participating restaurants include:
– Papavero
– Chamber
– Sisters
– At Home
– Weihenstephan Kutaisi Beer Museum
– Hacker Pshore
– Cherry
– Story
– Color
– Food Gallery
– Mio Gelato
– Hoegarden
– Taiko
– Magnolia
- Enjoy 40% Cashback at Gemo Fest with TBC Card
Gemo Fest is coming to Veriko Anjaparidze Square in Kutaisi on June 15-16. This annual event, held in various regions each year, supports local businesses and boosts tourism.
Use your TBC debit card to make purchases at Gemo Fest and receive a 40% cashback instantly, up to 40 GEL. Simply pay at the TBC terminal to avail the offer.
Check the link (Gemo Fest იმერეთი – TBC Bank) for a list of participating vendors.
- TBC Concept Presents the 17th Black Sea Jazz Festival: A Spectacular Lineup Unveiled
Batumi gears up once again to host the 17th consecutive Black Sea Jazz Festival, thanks to the support of TBC Concept (შავი ზღვის ჯაზ ფესტივალი 2024 | Black Sea Jazz Festival 2024 | Facebook) and Eastern Promotions. Scheduled for July 26-28, this year’s festival promises unforgettable evenings for guests in the Ajara region.
Renowned international stars headline each evening:
– July 26: Philip Lassiter, the Grammy-winning musician and former member of Prince’s New Power Generation, will kick off the festival with his eleven-piece band.
– July 27: Drummer Jojo Mayer, known for his fusion of Jazz, Drum&Bass, and Jungle styles, will captivate the audience with his performance. Mayer leads the electronic quartet NERVE.
– July 28: The Jacksons, music icons Tito, Jack, and Marlon Jackson, will deliver an energetic show featuring their timeless hits like “ABC” and “I Want You Back.”
Returning to its traditional venue at the Batumi courts, the festival also offers VIP pass holders exclusive access to jam sessions hosted at the “Iveria Beach” club throughout all three days.
The festival is supported by the Ministry of Culture and Sports of Georgia, Ministry of Culture of Adjara, Batumi City Hall, and sponsors including Visa, Toyota, Isi Pari, Hilton Hotel, Iveria Beach, Georgian Railway, Porto Franco Restaurant, Privet EZ Batuma Cafe, Imedi TV, Radio Fortuna, Marketer.ge, and Palitra Media Holding.
Exclusive pre-sale discounts are available for TBC Concept Visa debit card holders until June 18, offering a 25% discount on tickets (17th Black Sea Jazz Festival 2024 | TKT.GE). From June 19 onwards, TBC Concept Visa cardholders can still enjoy a 20% discount, while TBC Visa cardholders receive a 15% discount (excluding TBC or TBC Concept credit cards).
- TBC Introduces Open Air Movie Screenings Across Samtskhe-Javakheti
TBC has launched a new initiative in Samtskhe-Javakheti, hosting an open-air screening of “Long Bright Days” at Borjomi’s Merab Kostava Garden. The event drew a diverse crowd including locals, youth, and tourists.
Following a successful debut in Akhalkalaki, the initiative will continue with upcoming screenings in Akhaltsikhe and other regions of Georgia. Beyond film, TBC plans to organize a series of educational and entertaining events across different Georgian cities, all free of charge to participants.
As one of Georgia’s foremost financial institutions, TBC recognizes its societal role and emphasizes supporting cultural, educational, and cognitive programs. This commitment underscores TBC’s dedication to fostering positive social impact since its inception.
