The President of the National Bank of Georgia, Natia Turnava, says a dispute involving American Express and local banking institutions has been resolved in a way that has expanded access to the payment system for all commercial banks.
Speaking at a meeting of the Finance and Budget Committee, Turnava said the outcome had improved competition in the sector.
“The dispute between the two banking institutions regarding American Express has developed very positively, as a result of which Amex has opened its card space to all banking institutions,” Turnava stated.
She said the National Bank’s role is to act as a neutral arbitrator in the financial sector to protect fair competition and consumer interests.
Turnava noted that concentration in the banking sector remains historically high, but said more players are entering the payment space, supported by regulatory changes such as open banking rules that improve market access.
“We are ready to consider all such violations in the future if there is a request,” she added.
