Hash Bank: Georgia Digital Bank and Non-Resident Onboarding

JSC Hash Bank is a licensed Georgian commercial bank that serves clients primarily through a mobile application. It received its licence from the National Bank of Georgia (NBG) in November 2023, went through a test period under the regulator's supervision and has operated in the real environment since September 2024.

Hash Bank offers a multi-currency account, Visa cards, domestic and international transfers, deposits and loans. Cryptoasset operations run through a separate crypto service and are not the same as a bank deposit. Remote account opening is available to foreigners as well, but the decision on each client stays with the bank.

Licence, ownership and financial position

JSC Hash Bank received its banking licence by NBG decision of 3 November 2023 (the regulator announced it on 14 November) under the digital bank licensing principles: the licence is granted with restrictions, and the applicant is given time to launch fully and to build up the minimum regulatory capital gradually. The bank worked in test mode for 10 months and 17 days, and on 20 September 2024 the NBG allowed it to carry out banking activities in the real environment under conditions set by written instructions; the regulator may change the stages and the list of permitted operations (NBG announcement). The bank's identification code is 405555359 (Hash Bank). How fintech licences are structured in different countries is shown on the fintech licence map.

The shareholder structure is disclosed in the Pillar 3 report for 2025. Common shares: Volodymyr Nosov — 50%, Sulkhan Papashvili — 30.5%, Lasha Papashvili — 19.5%; the preference shares belong entirely to Nana Keburia. The report records Giorgi Chanadiri’s appointment as General Director on 30 November 2025.

The 2025 report describes a small bank that made a net loss that year. Under the same report, total assets at the end of 2025 were GEL 71.95 million, customer deposits GEL 2.71 million, the net loss for the year GEL 10.55 million and return on average assets (ROAA) minus 24.96%. The balance sheet rests on shareholder capital: the CET1 ratio was 52.13%.

Products and pricing

The tariffs below follow Annex 1 to the general terms for individuals, as amended on 16 March 2026, and the bank's help section.

Account. One multi-currency account in GEL, USD and EUR; opening, maintenance and closing are free, a client may hold only one active account, and the IBAN is available in the app. Cash is deposited through Oppa terminals; topping up with an international card costs 1%.

Cards. Hashcard is a Visa card: the digital card is issued at once and works with Apple Pay and Google Pay, and the physical card is delivered within Georgia in 3–5 working days. The first physical card is free, each further or replacement card costs GEL 10, delivery of each further card within Georgia GEL 20 and delivery abroad USD 150; a client can hold up to five digital and three physical cards at once. ATM withdrawals in Georgia are free; abroad the fee is 2% (at least USD or EUR 2.50).

Transfers:

Conversion. Currency exchange carries no separate commission; the bank earns on the difference between buying and selling rates, and current rates are shown in the app and on the site.

Cryptoassets. The app lets clients buy, sell and swap popular cryptoassets, including BTC, ETH and LTC; buying, selling, swapping and transfers inside the bank are free, while the withdrawal fee depends on the network and the asset. Under the crypto-service terms (Annex 5 as amended on 21 August 2026), cryptoassets recorded in the client's name belong to the client, the bank acts as their custodian, keeps individual records and may entrust safekeeping to a virtual asset service provider of its choice. Clauses 5.1–5.2 allow transfers to and from another bank client, another person or the client's own external wallet, subject to the bank's checks. Under clause 2.15, third-party control of an address alone does not prohibit a transfer, but the bank may require proof of address ownership or control and may restrict, suspend or decline a transaction following its risk assessment. The bank prohibits using VPN, TOR or proxies to obscure or falsify location and may suspend, restrict or prohibit operations with addresses it assesses as linked to sanctioned persons, mixers or darknet markets. An asset withdrawn from support is converted into USDT if the client takes no action.

Cashback. The hashback programme credits 0.5% in Bitcoin on purchases from GEL 5, up to GEL 150 a month. Under the referral programme, a newcomer earns 2% hashback for the first two months. When the referred customer meets the eligible GEL 500 spending target within 30 days, the rewards are 10 USDT for the newcomer and 5 USDT for the referrer; the referrer is paid for up to five qualifying friends, or 25 USDT, per month. Cash withdrawals, transfers and conversion do not earn cashback.

Loans. The digital loan runs up to GEL 80,000 over 2–48 months, with an effective rate from 16% in lari, a disbursement fee from 0% and no insurance. An application is not considered without checking income and obligations: the bank uses data from the Credit Information Bureau, the Revenue Service of Georgia and remittance income. These checks do not establish a published approval rate or a blanket rule for non-residents; eligibility and acceptable income evidence must be confirmed with the bank.

Deposits. Three lines (savings): DUO, a demand deposit where money can be added and withdrawn at any time; a standard term deposit for up to two years at a fixed rate; and Fixed (described as a locked term deposit on the product page), for up to five years. The bank’s deposit FAQ says a standard term deposit can be closed early with interest recalculated, while Fixed cannot be closed early. Deposits are available to Georgian and foreign citizens aged 18 or older, subject to onboarding. Rates change; the current ones are published on the site.

Business accounts. Legal entities have a business line with a Smart Account that pays interest on the free balance, and business loans. Where the bank has enabled remote corporate onboarding, clauses 3.2.1–3.2.4 of its general terms require the company and every legal entity in its ownership chain to be incorporated in Georgia or a jurisdiction listed in Appendix No. 1 to the NBG electronic-identification rules. All authorised representatives or managers and the ultimate beneficial owner must be Georgian citizens, citizens of a listed country, or holders of a Georgian residence permit. These conditions apply together, alongside the bank’s identification and verification procedures.

Comparable Georgian banks

In Georgia's digital segment, the same NBG principles were used to license Pave Bank Georgia, aimed at technology companies (NBG decision), and Paysera Bank Georgia. Georgian banks that take non-residents are compared on one set of axes — type and owner, channel, licence status, what decides — in the Georgian banks matrix, and the GEL 50,000 limit sits beside other deposit schemes in the client asset protection map. The TBC group runs a digital bank outside Georgia — TBC Bank Uzbekistan.

Hash Bank’s 2025 report shows a much smaller balance sheet than the Georgian banking businesses disclosed by the TBC and Bank of Georgia groups. Their disclosures describe retail and business lending, investment services and branch networks; check the provider and client eligibility for the particular product. The total cost of a specific transaction should be compared across current tariffs, including currency conversion and any correspondent fees. The deposit-insurance limit is the same for all banks.

Onboarding, compliance and protection of funds

Anyone from age 18, a Georgian citizen or a foreigner, can open an account; a foreigner needs an international passport or a residence permit issued in Georgia (Hash Bank help). Registration and identity checks run in the app, without branches.

That does not remove compliance. Under the general terms of service the client warrants that neither they nor associated persons are subject to UK (FCDO), US (OFAC), EU or UN Security Council sanctions and that at the time the agreement is signed, their country or territory of residence or activity is not on the list of sanctioned countries or subject to comprehensive trade sanctions or restrictions; the bank may refuse a payment that would breach sanctions or anti-money-laundering requirements. The bank can require questionnaires and supporting documents during onboarding and afterwards; prepare evidence of the source of funds and the purpose of the account for its checks.

The bank takes part in Georgia's deposit insurance system: the Deposit Insurance Agency reimburses eligible deposits up to GEL 50,000 per depositor per bank, aggregating all of that depositor’s accounts at the bank. Residents and non-residents, individuals and legal entities can be covered. The agency lists exclusions for legally restricted deposits, bank administrators and their families, shareholders with at least 5% and their families, financial institutions and administrative bodies. Foreign-currency deposits are compensated in GEL at the applicable rate on the insured-event date. Cryptoassets fall outside this protection.

For operating-account use, Hash Bank combines a card with no monthly fee, SEPA transfers at EUR 5, currency conversion and cryptoassets in one app. Before keeping an amount several times above the insurance limit, assess the bank’s latest financial position and the concentration of funds in one institution; the 2025 figures alone do not establish its current condition.

Licensing route and prudential frame

The NBG does not give a digital bank an unrestricted licence at once: first it assesses the business model and compliance with the law, then the bank operates inside a test perimeter, and restrictions are lifted in stages. The minimum regulatory capital may be built up gradually.

The prudential requirements themselves are ordinary. Under Pillar 1 the minimum CET1 ratio is 4.5%, the Tier 1 capital ratio 6% and the total regulatory capital ratio 8%, plus a 2.5% conservation buffer; Pillar 2 adds buffers for currency-induced credit risk, credit portfolio concentration, stress tests and GRAPE (Pillar 3 report for 2025).

Regulation and status

Hash Bank is a commercial bank supervised by the NBG, with Pillar 3 disclosure and participation in the deposit insurance system. The digital framework describes the route of entry to the market; the supervisory status at the end of it is the same as for traditional banks. The crypto segment is regulated in parallel: virtual asset service providers in Georgia go through registration with the NBG, and the bank's crypto-service terms allow safekeeping only with such registered providers or other authorised persons.