With the support of the National Bank of Georgia (NBG) and under the auspices of the Georgian Financial Markets Treasury Association (GFMTA), the Nasdaq Calypso shared platform will be implemented to provide reliable, world-class infrastructure necessary to support the continued 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 on a shared infrastructure covering the full front-to-back trade lifecycle. This initiative, executed under the Georgian Market Advancement Program (GMAP) and coordinated by GFMTA, represents a significant milestone in the development of Georgia's capital markets.

The five participating commercial banks account for the largest share of assets in the Georgian commercial banking sector. Their transition to a shared, internationally recognized platform marks a crucial step toward establishing Georgia as a modern and well-governed financial market.

Notably, over the past five years, the Georgian commercial banking sector has experienced double-digit growth, with total assets approaching USD 38 billion a testament to the scale and dynamism of the country's financial system. Alongside this growth, demand has increased for more sophisticated treasury infrastructure capable of supporting securities and derivatives markets, enterprise-wide risk management, and increasingly stringent regulatory requirements. At the same time, the investment required to implement and maintain such infrastructure at an individual institutional level poses a significant challenge for any single bank. A shared, coordinated approach, involving sector-wide pooling of resources and expertise, represents the most efficient means of achieving this objective at scale.

According to Natia Turnava, Governor of the National Bank of Georgia, the modernization of Georgia's treasury infrastructure is a strategic priority for the NBG and an important step forward in the continued development of the country's financial system. She emphasized that, with the NBG's support, the shared platform will provide the reliable, world-class infrastructure needed to support the banking sector's continued growth.

"By migrating five leading Georgian commercial banks to a unified, internationally recognized platform, we are raising the standards of risk management, regulatory oversight, and operational resilience across the sector. This initiative reflects our commitment to building a strong and transparent financial market that fully aligns with international best practices and supports Georgia's economic growth," said Natia Turnava.

Magnus Haglind, Head of Capital Markets Technology at Nasdaq, noted that Georgia serves as a prime example of how a shared infrastructure model can create tangible value.

"Both for individual institutions and for the financial system as a whole. Drawing on Nasdaq's experience in managing large-scale modernization programs, financial institutions gain access to deep institutional knowledge and future development opportunities without having to bear the full costs, risks, or operational complexities independently. GMAP represents precisely the kind of structured, country-level framework that ensures the success of a transformation on this scale. We are delighted to have the opportunity to support the National Bank of Georgia in this initiative and to assist the Georgian banking sector in establishing the infrastructure it needs for its next phase of growth," said Magnus Haglind.

According to Lasha Jugheli, Executive Secretary of the Georgian Financial Markets Treasury Association, the Georgian Market Advancement Program (GMAP) is the result of years of close coordination across the Georgian banking sector and represents a watershed moment for the Association and its member financial institutions.

"Thanks to Nasdaq's global expertise, the institutional support of the National Bank of Georgia for the shared infrastructure, and the project management funding provided through the Japan-EBRD Cooperation Fund, our member banks are not only modernizing their treasury operations and financial market activities but also collectively raising the standard of treasury management across the sector. We are proud to have played a central role in implementing this initiative and eagerly anticipate the tangible benefits this project will bring to our members and Georgia's financial markets as a whole," said Lasha Jugheli.