Finance
Georgia's Five Largest Banks to Overhaul Treasury Systems in Nasdaq-NBG Deal
July 28, 2026
3
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Georgia's five largest commercial banks will migrate their treasury operations onto a single, shared technology platform under a landmark arrangement announced by the National Bank of Georgia (NBG), Nasdaq and the Georgian Financial Markets Treasuries' Association. The initiative, dubbed the Georgian Market Advancement Program (GMAP), will deploy the Nasdaq Calypso system as centralized treasury infrastructure for Bank of Georgia, TBC Bank, Liberty Bank, Terabank and Basisbank, institutions that together account for the majority of a sector holding roughly USD 38 billion in total assets.
The scale of the commitment reflects how quickly Georgian banking has grown. The sector has posted double-digit asset expansion over the past five years, straining legacy treasury systems that were never designed for the trading volumes, risk complexity and regulatory reporting demands now facing the country's lenders. Rather than have each bank build its own upgrade in isolation, GMAP pools the effort into common rails, an unusual model that spreads cost and standardization across competitors while keeping each institution's data fully segregated.
The Calypso platform covers the full front-to-back trade lifecycle, from front-office deal capture through middle-office risk management to back-office settlement, accounting and reporting. Project management financing is being provided by Japan through the Japan-EBRD Cooperation Fund, underscoring the development-finance backing behind the modernization drive. According to the GlobeNewswire, the shared system will also align Georgian banks with ISO 20022 messaging standards and eliminate much of the manual reconciliation overhead that has slowed cross-institution processing.
For investors and the wider regional market, the implications extend well beyond back-office plumbing. Standardized, real-time treasury data feeds directly into the NBG's macroprudential supervision, giving the regulator sharper visibility into liquidity and market risk across systemically important banks. NBG Governor Natia Turnava called modernizing the country's treasury infrastructure a strategic priority, framing it as central to raising the standard of risk management, regulatory oversight and operational resilience. Stronger supervisory tooling and internationally recognized platforms can lower the perceived risk premium on Georgian financial assets, a meaningful signal as the country courts deeper capital-market integration. The Georgian Financial Markets Treasuries' Association, established in November 2018 and representing 16 financial-sector entities, is coordinating the industry side. Details of the rollout were confirmed via the joint company announcement.
If the shared-platform model proves out, GMAP could become a template for other frontier and emerging markets weighing how to modernize fragmented banking infrastructure without duplicating spend across every institution. For Georgia, the immediate payoff is a treasury backbone built to international specifications, and a clearer path toward the deeper, more transparent financial markets the NBG has said it wants to build.
