Georgia’s five largest banks adopt Nasdaq Calypso to modernise treasury operations

By Puja Sharma

The National Bank of Georgia (NBG) has partnered with Nasdaq to modernise the country’s treasury infrastructure and financial markets through a landmark transformation programme.

As part of the Georgian Market Advancement Program (GMAP), the country’s five largest commercial banks—Bank of Georgia, TBC Bank, Liberty Bank, Terabank and Basisbank—will implement the Nasdaq Calypso platform on a shared, centralised infrastructure.

The initiative, coordinated with the Georgian Financial Markets Treasuries’ Association (GFMTA) and supported by funding from Japan and the European Bank for Reconstruction and Development (EBRD), is designed to provide a common front-to-back treasury platform while maintaining fully segregated data for each participating institution.

By adopting a shared infrastructure model, the banks are expected to standardise treasury workflows, improve operational efficiency and align with international financial messaging standards, including ISO 20022. The platform is also intended to strengthen enterprise-wide risk management and support more sophisticated treasury and derivatives capabilities without requiring each bank to undertake separate technology deployments.

For the National Bank of Georgia, the programme is expected to enhance regulatory oversight, systemic risk monitoring and macroprudential supervision across a banking sector with assets of nearly 438 billion.

“Modernising Georgia’s treasury infrastructure is a strategic priority for the National Bank of Georgia and a critical step in the continued development of our financial system. By bringing the country’s five largest commercial banks onto a common, internationally recognised platform, we are raising the standard of risk management, regulatory oversight, and operational resilience across the sector,” said Natia Turnava, Governor, National Bank of Georgia.

Magnus Haglind, Head of Capital Markets Technology at Nasdaq, added: “Georgia presents a compelling example of how the shared infrastructure model can unlock real value for individual institutions and the financial system as a whole. By drawing on Nasdaq’s experience navigating modernisation programs at scale, firms gain access to deep institutional knowledge and the ability to evolve without bearing the full cost, risk, or operational complexity of doing it alone.”