Organized by the National Bank of Georgia (NBG) and the Georgian Financial Markets Treasuries Association (GFMTA), in partnership with Nasdaq, the two-day international event "GMAP Market Development Forum 2026" was held in Tbilisi.

During the forum, the concept of the Georgian Financial Markets Development Program (GMAP) was presented to the public. The objective of GMAP is to expand access to risk management and hedging instruments across Georgian financial markets and foster a more liquid, internationally accessible securities market. Achieving this objective relies heavily among other initiatives on the implementation of modern treasury infrastructure, enabling local commercial banks to offer the market more accessible and diverse risk hedging instruments.

A central focus of the event was the technological component of this market development initiative, carried out in collaboration with Nasdaq. Under the shared treasury management system implementation project, Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank will execute treasury operations using the Nasdaq Calypso platform, which covers the full end-to-end treasury lifecycle. This shared system serves as a practical tool enabling the Georgian banking sector to build the capabilities required to achieve the market development objectives set under GMAP.

The forum was opened by Natia Turnava, Governor of the National Bank of Georgia, who highlighted that a modern, liquid, and internationally connected financial market is vital for the country's economic development.

"Our objective is to transform the foundations built to date for financial market development into tangible market activity introducing more hedging instruments, cultivating a more active and liquid market, and enabling local participants to forge closer ties with international investors and counterparties," noted Natia Turnava.

According to Lasha Jugheli, Executive Secretary of the Georgian Financial Markets Treasuries Association, GFMTA's mission is to support initiatives that help Georgian financial markets become deeper and more dynamic, with the deployment of the shared Nasdaq Calypso treasury management system serving as a cornerstone technological pillar along this journey.

"In recent years, the steady growth of the Georgian banking sector has created the need for treasury infrastructure aligned with international standards. Implementing the Nasdaq Calypso platform will allow banks to manage treasury operations and core risks within a unified infrastructure aligned with international standards. The five participating banks represent a substantial share of the market; however, the project is designed for further expansion and the inclusion of additional participating banks in the future," stated Lasha Jugheli.

Brad Wilmot, Senior Vice President at Nasdaq, stated that Nasdaq, as a technology partner, is proud to support this initiative by the National Bank of Georgia and GFMTA.

"The shared treasury management system provides all participating banks with access to the same institutional-grade technology and standards utilized by the world's leading markets. It is a great honor for Nasdaq to serve as the technology partner to the National Bank of Georgia and GFMTA on this important journey, and we look forward to continuing our collaboration," remarked Brad Wilmot.

The international forum brought together local and international financial institutions and official representatives, including central banks, government agencies, commercial banks, market infrastructure providers, and market participants. Attendees reviewed the progress achieved under GMAP and discussed steps planned going forward. Discussions also covered international best practices in market development, the transformation of treasury operations at Georgian banks, legal frameworks and practical mechanisms for GEL-denominated derivatives, and issues related to enhancing bond market liquidity.

The GMAP Forum is scheduled to take place annually. In addition, throughout the year, the National Bank of Georgia and GFMTA have planned a series of supplementary activities to support the program's strategic objectives.