Georgia eyes cooperation with Chinese payment system to boost role in Middle Corridor PHOTO

The National Bank of Georgia (NBG) is exploring opportunities for cooperation with China’s Cross-Border Interbank Payment System (CIPS) to facilitate its business environment amid its role in the Middle Corridor project.

This was announced through a press release published by the financial institution following NBG Governor Natia Turnava's meeting with CIPS President Fu Huang, Caliber.Az reports.

"The talks focused on expanding collaboration between Georgia's National Bank and CIPS, particularly around providing Georgian financial institutions with better access to CIPS's global payment network," was the NBG's description of the meeting that took place in Tbilisi on July 17.

According to Turnava, collaboration with CIPS would significantly streamline payments, transfers, and transactions between the two countries and would also bolster Georgia’s role in the "Middle Corridor" project (formally known as the Trans-Caspian International Transport Route, TITR).

CIPS President Fu Huang noted that the growing economic ties between Georgia and China are expected to increase the volume of cross-border payments.

"China is one of Georgia's most important trading partners," Fu Huang stated. "Establishing well-developed, efficient, and secure payment infrastructure will be extremely valuable for deepening these relationships," he said.

 As part of their visit to Tbilisi, which marked the first such meeting between the two organisations in Georgia, the CIPS leadership also held meetings with representatives of Georgia’s commercial banks.

CIPS is an international interbank payment system authorised by the People's Bank of China and launched in 2015. The system specialises in yuan-denominated cross-border payment clearing. Currently, the CIPS network includes more than 4,700 banking institutions across 185 countries. In 2024, CIPS processed transactions worth over 570 trillion yuan (approx. $140 billion.)

By Nazrin Sadigova