Georgia based TBC has launched the country’s first fully cloud-based banking solution, dubbed Space Digital.

TBC’s fintech-inspired initiative was taken from concept to launch in just eight months and is powered by Saas engine Mambu.

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Structured as an autonomous business, Space Digital will offer a full range of lending, saving and cards products.

“A year ago several TBC team members decided to create a neobank that exists only as a mobile app, without branches and physical presence,” said Nika Kurdiani, Deputy CEO at TBC Bank.

“TBC, in a way, created its own competitor. We think this challenge brings a new reality not only to TBC but also to the Georgian banking sector. It aims to change the way people access their daily financial services.”

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Lasha Gurgenidze, Project Leader at Space Digital added: “Our aim is to deliver a full daily banking mobile service with superior customer experience. We put a special focus on differentiating by design, customer care, price transparency and instant service delivery. We are a fintech in every sense from people and processes, to our culture.

“The biggest advantage of our model is the ability to leverage the resources and experience of TBC Bank while operating independently. We are a lean and agile organisation and we sought out partners with similar attributes. As the leading global SaaS banking engine, Mambu was the clear choice.

“Mambu is API-driven which was strategically important for the integration of products and features. With its flexible composable architecture, we have been able to build and launch from scratch in just eight months and are primed to scale up products and grow further strategically. That is the power of the right technology,” explained Gurgenidze.

Eugene Danilkis, CEO of Mambu said: “Space Bank is a great example of a growing trend: traditional institutions building the next generation of their financial services outside their traditional IT stacks.”