The National Bank of Georgia (NBG) has clarified that joining China’s Cross-Border Interbank Payment System (CIPS) is not a replacement for SWIFT, but a way to enhance trade efficiency with China.
The NBG emphasized that its partnership with SWIFT remains strategic. Georgia continues to participate in SWIFT’s development, including the ISO20022 standard, which ensures its good standing in the global financial system.
CIPS will allow direct transactions in Yuan without intermediary banks, reducing costs and improving transparency for Georgian businesses trading with China.
As of June 2025, CIPS includes over 4,900 financial institutions from 189 countries, many of which also use SWIFT.
