Active work is underway to deepen correspondent relations between Georgian and Chinese banks and to develop a yuan settlement mechanism, according to the President of the National Bank of Georgia, Natia Turnava. She noted that while no official application has yet been submitted by a specific Chinese bank to enter the Georgian market, cooperation is progressing in several areas, including integration with China’s Cross-Border Interbank Payment System (CIPS).
“We have not yet received a new application from a specific Chinese bank, but work is underway in various directions, including increasing correspondent relations between Georgian and Chinese banks, as well as cooperation with the payment system related to yuan settlements and joining CIPS,” said Turnava. Currently, Basisbank remains the only financial institution in Georgia under Chinese ownership. The bank has also been studying the potential acquisition of Liberty Bank, a deal the National Bank previously confirmed would not negatively affect competition in the sector.
CIPS, established by the People’s Bank of China in 2015, facilitates fast, secure, and cost-effective international transactions in yuan between Chinese and foreign banks. The system is a key element of China’s financial globalization strategy, enabling more efficient settlements in Chinese currency across global markets.
The prospect of Georgia’s cooperation with CIPS was first officially raised in July 2025, when Turnava met with the head of CIPS, Fu Huang, during his visit to Tbilisi. The National Bank stated that joining the system could open new opportunities for Georgia, particularly by improving transfer efficiency and lowering transaction costs for companies engaged in trade with China. As of mid-2025, the CIPS network included more than 4,900 financial institutions across 189 countries, including 261 in Europe and 34 in North America.
