President of the National Bank of Georgia (NBG), Natia Turnava, within the framework of the international SIBOS conference organized by SWIFT, met with representatives of CIPS, the Chinese Cross-Border Interbank Payment System, in Frankfurt to review cooperation prospects.

The NBG has cooperated with CIPS since the summer of 2024, when Fu Huang, President of China’s Cross-Border Interbank Payment System (CIPS), visited Tbilisi at the invitation of the NBG. CIPS President met governors of commercial banks to discuss necessary procedures for the membership of the payment system. One part of Georgian commercial banks is already involved in the system as indirect members through correspondent Chinese banks.

During the meeting, the sides reviewed the progress of cooperation and set future plans. Natia Turnava emphasized that China is one of Georgia’s largest trade partners. Against the backdrop of increasing trade volumes and tourism between the two countries, there is a potential and need for Georgian financial institutions to join CIPS.

Natia Turnava remarked that at the NBG’s initiative and efforts, payment systems in the country are constantly developing. Integration in CIPS will contribute to the diversification of Cross-Border Interbank Payment Systems used by Georgian financial institutions and boost the increasing tendency in trade and tourism between China and Georgia.

Joining the Cross-Border Interbank Payment System opens up an additional channel for making transfers denominated in Chinese Yuan, which ultimately ensures that user requirements are met more flexibly, in a shorter time, and at a lower cost.