Tbilisi (GBC) – With the support of the National Bank of Georgia and under the auspices of the Georgian Financial Markets Treasuries Association, Nasdaq Calypso, a shared platform, will be launched, providing a reliable, world-class infrastructure needed to support the further growth of the 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 within a common infrastructure covering the full trading cycle. The initiative, implemented under the Georgian Financial Markets Development Program (GMAP) and coordinated by the Georgian Financial Markets Treasuries Association (GFMTA), represents an important milestone in the development of Georgia’s capital markets.
The five participating commercial banks represent the largest share of the assets of the Georgian commercial banking sector. Their transition to a common, internationally recognized platform is an important step towards establishing Georgia as a modern and well-managed financial market.
It is worth noting that over the past 5 years, the Georgian commercial banking sector has been characterized by double-digit growth, with total assets approaching USD 38 billion - which speaks volumes about the scale and dynamism of the country's financial system. Along with the growth of the sector, the demand for more complex treasury infrastructure capable of supporting securities and derivatives markets, managing corporate-level risks, and meeting increasingly stringent regulatory standards has increased. At the same time, the investment required to implement and support such infrastructure at the level of individual institutions represents a significant challenge for any individual bank. A common, coordinated approach, involving the sharing of resources and expertise across the sector, is the most effective way to achieve this goal at scale.
According to Natia Turnava, President of the National Bank of Georgia, the modernization of Georgia’s treasury infrastructure is a strategic priority of the National Bank of Georgia and an important step towards the further development of the country’s financial system. She said that, with the support of the National Bank of Georgia, the common platform will provide the reliable, international-level infrastructure needed to support the further growth of the banking sector.
“By moving Georgia’s five leading commercial banks to a single, internationally recognized platform, we are contributing to raising the standard of risk management, regulatory oversight and operational sustainability across the sector. This initiative reflects our aspiration to create a strong and transparent financial market that is fully compliant with international best practices and supports Georgia’s economic growth,” said Natia Turnava, President of the National Bank of Georgia.
According to Magnus Haglind, Head of Capital Markets Technology at Nasdaq, Georgia is a shining example of how a shared infrastructure model can create real value.
“Both for individual institutions and for the financial system as a whole. Drawing on Nasdaq’s experience in managing large-scale modernization programs, companies gain access to deep institutional knowledge and development opportunities without having to shoulder the full costs, risks or operational complexity on their own. GMAP is precisely the kind of structured, country-level framework that ensures the success of a transformation of this scale. We are pleased to have the opportunity to support the National Bank of Georgia in this initiative and help the Georgian banking sector establish the infrastructure it needs for the next stage of growth,” Magnus Haglind noted.
According to Lasha Jugeli, Executive Secretary of the Georgian Financial Markets and Treasury Association, the Georgian Financial Markets Development Program (GMAP) is the result of many years of focused coordination in the Georgian banking sector and represents a turning point for the association and the financial institutions represented in it.
“With the help of Nasdaq’s global expertise, the shared infrastructure with the institutional support of the National Bank of Georgia, as well as the project management funding allocated through the Japan-EBRD Cooperation Fund, our member banks are not only modernizing their operational and financial operations, but also collectively raising the standard of treasury management across the sector. We are proud to have played a central role in the implementation of this initiative and look forward to the real benefits that this project will bring to our members and the local financial markets as a whole,” he said.
