Tether signs MoU with Pave Bank and GFTN for fintech scholars program linking Georgia and Singapore

Tether, Pave Bank, and the Global Finance & Technology Network (GFTN) have signed a Memorandum of Understanding in Singapore to create what they’re calling the Georgia-Singapore Fintech Scholars Programme. The agreement, signed on July 22, brings together the world’s largest stablecoin issuer, a digital-native bank, and a cross-border fintech organization to fund something decidedly old-school: university scholarships.

The program will send select undergraduates from Tbilisi State University (TSU) in Georgia to Singapore Management University (SMU) for a semester of fintech-focused study. It’s slated to launch in January 2027 and run for five years, making it the first institutional higher-education exchange and first privately funded fintech scholarship connecting the two countries.

Who signed what, and why it matters

The signatories carry weight in their respective corners. Tether chairman Giancarlo Devasini, GFTN CEO Sopnendu Mohanty, and Pave Bank CEO Salim Dhanani all put pen to paper on the MoU. The collaboration explicitly involves no immediate product or token issuance.

Scholars will be selected through a partner-led process, meaning the three organizations will jointly manage who gets into the program.

Building on existing Georgia connections

This MoU doesn’t exist in a vacuum. Tether has been cultivating ties with Georgia since at least 2023, when the company entered discussions with the Georgian government about blockchain infrastructure and a potential lari-pegged stablecoin, tentatively branded GEL₮. In May 2026, Tether revealed plans for a stablecoin pegged to the Georgian lari.

Pave Bank holds a Georgia banking license and raised a Series A round in 2025 aimed at integrating traditional banking with digital asset services.

GFTN rounds out the trio as an organization built around cross-border fintech collaborations. Its CEO, Sopnendu Mohanty, previously served as Chief Fintech Officer at the Monetary Authority of Singapore.

Georgia’s quiet fintech ambitions

Georgia has a population of roughly 3.7 million. The country’s openness to blockchain discussions with Tether back in 2023, combined with Pave Bank’s decision to secure a banking license there, points to a regulatory environment that’s receptive to digital asset innovation.

What this means for the broader landscape

For Tether specifically, this program represents a continuation of the company’s strategy to diversify beyond pure stablecoin operations. Over the past few years, Tether has moved into mining, AI infrastructure, and various technology investments.

The five-year commitment is significant. Most corporate MoUs in the crypto space have the shelf life of a fruit fly, announced with fanfare and quietly shelved within months. A half-decade timeline, tied to an academic calendar and real university infrastructure, is harder to walk away from without reputational consequences.

The risk, as with any MoU, is that a memorandum of understanding is not a binding contract. It’s a statement of intent. The real test comes in January 2027, when the first cohort of TSU students is supposed to arrive at SMU.