The National Bank of Georgia met representatives of China’s Cross-Border Interbank Payment System (CIPS) on the sidelines of SWIFT’s SIBOS conference in Frankfurt to take stock of its new cooperation with CIPS and discuss plans to broaden Georgian financial institutions’ access to the network. Cooperation was launched in summer 2025 and included an official visit to Tbilisi by CIPS President Fu Huang, with working sessions for Georgian commercial banks on joining procedures and technical standards. Several Georgian banks currently participate indirectly via Chinese correspondent banks, while work continues to enable more banks to use CIPS and to support interest in direct participation, which banks see as a way to speed up transactions. The update positioned CIPS integration as a diversification of cross-border payment channels and an additional route for yuan-denominated transfers alongside SWIFT, with CIPS described as connecting more than 4,900 financial institutions in 189 countries. CIPS representatives indicated that efforts to strengthen cooperation are ongoing and expressed expectations that more Georgian financial institutions will join in the near future.
National Bank of Georgia 2025-10-01
National Bank of Georgia reviews cooperation with CIPS and seeks to expand Georgian banks’ participation
The National Bank of Georgia met with China's Cross-Border Interbank Payment System (CIPS) at SWIFT's SIBOS conference to review cooperation and discuss expanding Georgian banks' access to CIPS. Initiated in summer 2025, the collaboration aims to diversify cross-border payment channels and facilitate yuan-denominated transfers. CIPS, connecting over 4,900 institutions globally, anticipates increased participation from Georgian banks.