Azernews.Az

By Alimat Aliyeva

The National Bank of Georgia (NBG) has begun preliminary discussions on potential cooperation with China’s Cross-Border Interbank Payment System (CIPS), signaling a strategic interest in diversifying the country’s financial infrastructure, Azernews reports.

According to Interfax, the talks were initiated following a meeting in Tbilisi between NBG Governor Natia Turnava and CIPS President Fu Huang. The meeting marks Georgia’s first formal engagement with CIPS representatives.

Interest in alternative payment systems has grown after the European Parliament passed a resolution last week suggesting that Georgia could face disconnection from the global SWIFT network—an unprecedented and potentially disruptive move.

CIPS, launched in 2015 by the People’s Bank of China, is designed to facilitate cross-border transactions in Chinese yuan. While it currently handles a fraction of SWIFT’s global volume, CIPS has seen increased adoption in recent years, particularly among countries seeking to reduce dependence on Western-controlled financial systems.

For Georgia, integration with CIPS could open new trade and investment pathways with China and other countries aligned with Beijing’s economic framework. It may also provide a safeguard in the event of future financial sanctions or geopolitical tensions affecting access to Western banking infrastructure.

Experts note that while adopting CIPS would not fully replace SWIFT, it could complement Georgia’s financial system by offering an alternative channel for certain international transactions—especially with Asian partners.

The National Bank has not yet confirmed any formal agreement, but further negotiations and technical assessments are expected in the coming months.