Natia Turnava, Governor of the National Bank of Georgia, met with Fu Huang, President of China's Cross-Border Interbank Payment System (CIPS).

The meeting was held as part of ongoing discussions stemming from a memorandum of understanding signed with the People's Bank of China in March. The talks focused on expanding collaboration between Georgia's National Bank and CIPS, particularly around providing Georgian financial institutions with better access to CIPS's global payment network.

Natia Turnava emphasized that Georgia's payment and settlement systems are continuously evolving, and partnership with CIPS would streamline payments, transfers and transactions between the two nations while bolstering Georgia's position in the Middle Corridor.

"This is the first time Georgia has hosted a delegation from the Cross-Border Interbank Payment System,” Turnava noted. "A key component of our comprehensive memorandum with the People's Bank of China focuses on streamlining transactions between our respective financial systems and enhancing accessibility. This initiative will strengthen our bilateral trade relationship which is already significant. Additionally, simplifying payment systems between our two countries will naturally serve to reinforce Georgia's strategic position in the Middle Corridor."

CIPS President Fu Huang highlighted how the growing ties between Georgia and China are already driving increased cross-border payment volumes. He noted that integrating advanced payment systems like CIPS would significantly strengthen economic cooperation between the countries.

"China is one of Georgia's most important trading partners," Fu Huang stated. "Establishing well-developed, efficient, and secure payment infrastructure will be extremely valuable for deepening these relationships."

During the visit, CIPS leadership also met with representatives from Georgian commercial banks, offering them the opportunity to join the global payment network. Both sides agreed to continue developing this cooperation.

The Cross-Border Interbank Payment System is an authorized payment platform established by the People's Bank of China in 2015, specializing in yuan-denominated cross-border payment clearing. Since its launch, CIPS has built an extensive network of direct and indirect participants across nearly all major global regions. The system currently serves more than 4,700 banking institutions from 185 countries worldwide. In 2024, CIPS processed transactions worth over 570 trillion yuan.