The National Bank of Georgia reported on a meeting between Governor Natia Turnava and Fu Huang, President of China’s Cross-Border Interbank Payment System (CIPS), focused on expanding cooperation to improve Georgian financial institutions’ access to CIPS’s global payment network and streamline payments between Georgia and China. The discussions followed a memorandum of understanding signed with the People’s Bank of China in March and covered payment and settlement system connectivity, including how closer links with CIPS could support transfers and transactions between the two countries and Georgia’s role in the Middle Corridor. During the visit, CIPS leadership also met representatives of Georgian commercial banks and presented the option to join the network. CIPS, established in 2015 by the People’s Bank of China for yuan-denominated cross-border payment clearing, reported more than 4,700 participating banking institutions across 185 countries and transaction values exceeding CNY 570 trillion in 2024. Both sides agreed to continue developing the cooperation.
National Bank of Georgia 2025-07-17
National Bank of Georgia advances cooperation talks with China’s CIPS to expand Georgian banks’ access to cross-border payments
The National Bank of Georgia and China's Cross-Border Interbank Payment System (CIPS) discussed enhancing Georgian financial institutions' access to CIPS's global payment network. The meeting, following a memorandum with the People’s Bank of China, focused on improving payment connectivity and Georgia's role in the Middle Corridor. CIPS, with over 4,700 participating banks globally, aims to streamline transactions between Georgia and China.