Nasdaq and National Bank of Georgia to Roll Out Shared Treasury Platform for Five Georgian Banks

Nasdaq and the National Bank of Georgia (NBG) announced a partnership on July 20, 2026 to modernise the country's treasury and financial markets infrastructure. Five of Georgia's largest banks — Bank of Georgia, TBC Bank, Liberty Bank, Terabank and Basisbank — will adopt the Nasdaq Calypso platform under a shared infrastructure model covering the full front-to-back trade lifecycle.

The programme runs under the Georgian Market Advancement Program (GMAP), coordinated with the Georgian Financial Markets Treasuries' Association (GFMTA). Together, the five banks represent the majority of Georgia's commercial banking sector assets.

Why the sector needs a new model

Georgia's banking sector has grown at a double-digit pace over the past five years, with total assets approaching USD 38 billion. Demand has risen for treasury infrastructure able to support complex securities and derivatives markets, enterprise-grade risk management and stricter regulation — while running such systems alone is a heavy undertaking for any single bank.

"Modernising Georgia's treasury infrastructure is a strategic priority for the National Bank of Georgia," said the bank's Governor, Natia Turnava. "By bringing the 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."

How the shared platform works

Nasdaq Calypso will be installed at a centralised location, with each bank a separate entity within the same instance and its data fully segregated. Every institution gets a configuration tailored to its business requirements and risk profile, while operating in a common framework of standardised reporting, shared market data and collective governance and audit.

The platform spans the entire trade lifecycle — front-office deal capture and pricing, middle-office risk management and compliance, back-office settlement, accounting and reporting. Nasdaq says it removes the need for multiple point solutions and creates a single source of truth for treasury operations.

What the central bank gains

Harmonised reporting gives the NBG far better visibility into treasury exposures, liquidity and systemic risk, strengthening macroprudential supervision, while common audit trails support Georgia's integration with international standards such as ISO 20022.

Magnus Haglind, Head of Capital Markets Technology at Nasdaq, called Georgia a compelling example of how shared infrastructure unlocks value for individual institutions and the financial system as a whole. The project management component of the "Implementation of the Treasury Management Solution for Georgian Commercial Banks" project was financed by Japan through the Japan–EBRD Cooperation Fund.