Nasdaq to support the development of Georgia's banking sector
The country's five leading commercial banks Bank of Georgia, TBC Bank,
Liberty Bank, Terabank, and Basisbank will implement the Nasdaq
Calypso system on a shared infrastructure covering the full
front-to-back trade lifecycle. This initiative, executed under the
Georgian Market Advancement Program (GMAP) and coordinated by GFMTA,
represents a significant milestone in the development of Georgia's
capital markets.The five participating commercial banks account for
the largest share of assets in the Georgian commercial banking sector.
Their transition to a shared, internationally recognized platform
marks a crucial step toward establishing Georgia as a modern and
well-governed financial market.Notably, over the past five years, the
Georgian commercial banking sector has experienced double-digit
growth, with total assets approaching USD 38 billion a testament to
the scale and dynamism of the country's financial system. Alongside
this growth, demand has increased for more sophisticated treasury
infrastructure capable of supporting securities and derivatives
markets, enterprise-wide risk management, and increasingly stringent
regulatory requirements. At the same time, the investment required to
implement and maintain such infrastructure at an individual
institutional level poses a significant challenge for any single bank.
A shared, coordinated approach, involving sector-wide pooling of
resources and expertise, represents the most efficient means of
achieving this objective at scale.According to Natia Turnava, Governor
of the National Bank of Georgia, the modernization of Georgia's
treasury infrastructure is a strategic priority for the NBG and an
important step forward in the continued development of the country's
financial system. She emphasized that, with the NBG's support, the
shared platform will provide the reliable, world-class infrastructure
needed to support the banking sector's continued growth."By migrating
five leading Georgian commercial banks to a unified, internationally
recognized platform, we are raising the standards of risk management,
regulatory oversight, and operational resilience across the sector.
This initiative reflects our commitment to building a strong and
transparent financial market that fully aligns with international best
practices and supports Georgia's economic growth," said Natia
Turnava.Magnus Haglind, Head of Capital Markets Technology at Nasdaq,
noted that Georgia serves as a prime example of how a shared
infrastructure model can create tangible value."Both for individual
institutions and for the financial system as a whole. Drawing on
Nasdaq's experience in managing large-scale modernization programs,
financial institutions gain access to deep institutional knowledge and
future development opportunities without having to bear the full
costs, risks, or operational complexities independently. GMAP
represents precisely the kind of structured, country-level framework
that ensures the success of a transformation on this scale. We are
delighted to have the opportunity to support the National Bank of
Georgia in this initiative and to assist the Georgian banking sector
in establishing the infrastructure it needs for its next phase of
growth," said Magnus Haglind.
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