International financial publication The Banker has published an interview with the Governor of the National Bank of Georgia (NBG), Natia Turnava, discussing the adoption of the Nasdaq Calypso system by the country’s five largest commercial banks, the NBG reported.

As Natia Turnava told The Banker, the project aims to foster the next stage of financial sector development within a rapidly growing yet small open economy vulnerable to external shocks.

According to Turnava, Georgia’s steady economic growth has made effective management of foreign exchange, interest rate, and liquidity risks even more vital for banks and their clients. This is particularly vital as the country seeks to attract greater foreign direct investment and financial flows into its capital markets.

“This initiative is not merely a software project; it is a market development initiative aimed at establishing shared standards across a major portion of the banking system. When banks operate under common standards and more automated processes, the data becomes significantly more reliable. Access to superior information will enable the National Bank to detect potential concentration risks or stress points at an early stage and respond appropriately using more comprehensive data,” Natia Turnava noted in her conversation with The Banker.

Nasdaq Calypso, a shared platform providing the robust, world-class infrastructure required to support the banking sector’s further expansion, will be rolled out with the backing of the National Bank of Georgia and under the auspices of the Georgian Financial Markets Treasuries Association. This initiative is being implemented within the framework of the Georgian Financial Markets Development Programme (GMAP).