Nasdaq Inc (NASDAQ:NDAQ) today announced a partnership with the National Bank of Georgia (NBG) to modernize the treasury and financial markets infrastructure across Georgia’s banking sector.

Five of the country’s largest commercial banks — Bank of Georgia, TBC Bank, Liberty Bank, Terabank and Basisbank — will adopt the Nasdaq Calypso platform under a shared, common infrastructure model spanning the full front-to-back trade lifecycle. The initiative, operating under the Georgian Market Advancement Program (GMAP) and coordinated in collaboration with the Georgian Financial Markets Treasuries’ Association (GFMTA), represents a significant milestone in the development of Georgia’s capital markets.

Natia Turnava, Governor of the National Bank of Georgia, said:

“Modernising Georgia’s treasury infrastructure is a strategic priority for the National Bank of Georgia and a critical step in the continued development of our financial system. By bringing the country’s five largest commercial banks onto a common, internationally recognized platform, we are raising the standard of risk management, regulatory oversight, and operational resilience across the sector. This initiative reflects our commitment to building a financial market that is robust, transparent, aligned with international best practice, and equipped to support Georgia’s continued economic growth.”

Magnus Haglind, Head of Capital Markets Technology at Nasdaq, said:

“Georgia presents a compelling example of how the shared infrastructure model can unlock real value for individual institutions and the financial system as a whole. By drawing on Nasdaq’s experience navigating modernization programs at scale, firms gain access to deep institutional knowledge and the ability to evolve without bearing the full cost, risk, or operational complexity of doing it alone. GMAP reflects exactly the kind of structured, country-level framework that enables this type of transformation to succeed. We welcome the opportunity to support the National Bank of Georgia in this initiative, and to help Georgia’s banking sector build the infrastructure it needs for its next phase of growth.”

The Nasdaq Calypso platform will be deployed as a shared infrastructure model, installed at a centralized location with each of the five participating banks represented as a separate entity within the same instance, with their data fully segregated. Each institution will benefit from a configuration adapted to its individual business requirements, risk profile, and operational context, while operating within a common framework that enables standardized reporting and workflows, shared market data, and collective governance, oversight, and audit capabilities.

The platform will span the complete trade lifecycle from front-office deal capture and pricing, through middle-office risk management and compliance, to back-office settlement, accounting, and financial reporting. This end-to-end architecture eliminates the need for multiple point solutions, reduces reconciliation overhead, and delivers a single source of truth for treasury operations across the sector.

Standardization also delivers systemic benefits beyond any single institution. With harmonized data and reporting across all five banks, the National Bank of Georgia gains materially enhanced visibility into treasury exposures, liquidity positions, and systemic risk, supporting more effective macroprudential supervision. Consistent audit trails and common reporting frameworks reduce the burden on both banks and regulators and provide a robust foundation for Georgia’s continued integration with international financial standards, including ISO 20022, the global messaging standard for financial data exchange.

Lasha Jugeli, Executive Secretary of the Georgian Financial Markets Treasuries’ Association, said:

“The Georgian Market Advancement Program (GMAP) is the result of years of deliberate coordination across Georgia’s banking sector, and it marks a pivotal moment for our Association and the institutions we represent. By aligning on a shared infrastructure backed by Nasdaq’s global expertise and the National Bank of Georgia’s institutional support, and project management funding provided by Japan through the Japan–EBRD Cooperation Fund, our member banks are not only modernising their own operations — they are collectively raising the standard for treasury management across the sector. We are proud to have played a central role in bringing this initiative to fruition, and we look forward to the tangible benefits it will deliver for our members and for Georgia’s financial markets as a whole.”

The five participating banks collectively represent the majority of Georgia’s commercial banking sector assets, and their adoption of a common, internationally recognised platform marks a defining step in Georgia’s emergence as a modern, well-governed financial market.