Georgia's Top Banks Pivot to Shared Nasdaq Infrastructure

Nasdaq has entered into a partnership with the National Bank of Georgia (NBG) to update the treasury and financial markets infrastructure for the country's banking sector. According to reporting from the Financial Post, five of Georgia's largest commercial banks—Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank—will implement the Nasdaq Calypso platform.

Under the Georgian Market Advancement Program (GMAP) and in coordination with the Georgian Financial Markets Treasuries’ Association (GFMTA), the initiative uses a shared, common infrastructure model. This system is designed to cover the entire front-to-back trade lifecycle.

Natia Turnava, Governor of the National Bank of Georgia, stated that the move is a strategic priority intended to improve regulatory oversight, operational resilience, and risk management. The shift comes as Georgia's commercial banking sector has seen double-digit growth over the last five years, with total assets nearing USD 38 billion.

Financial Post reports that the shared approach was chosen because the cost of deploying and maintaining such sophisticated infrastructure individually would be a significant burden for any single institution. Magnus Haglind, Head of Capital Markets Technology at Nasdaq, noted that Georgia serves as a compelling example of this shared infrastructure model.