National Bank of Georgia: “We consider the Chinese system a supplement, not a SWIFT alternative”
Georgia and China’s payment system
The National Bank of Georgia issued a statement confirming that it is discussing cooperation with China’s Cross-Border Interbank Payment System (CIPS), saying it is “important for the country.”
The statement stresses that CIPS is “not considered an alternative to the international SWIFT system.”
The statement followed a Facebook post by former central bank president Roman Gotsiridze, who claimed that the head of the Chinese payment system had “visited” the Georgian National Bank. Gotsiridze referred to CIPS as a SWIFT alternative, pointing out that it processes payments only in Chinese yuan and is controlled by the Chinese government.
CIPS was launched in 2015 to bypass Western sanctions and expand China’s political influence.
In early July, the European Parliament adopted a resolution on Georgia condemning pressure on civil society, the political opposition, and independent media, and calling on EU member states to impose personal sanctions on those responsible. The report also includes a call to disconnect Georgia from SWIFT and to impose sectoral sanctions.
Statement from the National Bank of Georgia:
“Cooperation with the Chinese Cross-Border Interbank Payment System (CIPS) is important for the country, as it creates new opportunities for banks and improves efficiency for companies involved in trade between Georgia and China.
In particular, the CIPS system enables direct transactions in yuan, which reduces payment costs, makes currency exchange between Georgian and Chinese banks more transparent and economically efficient, and ensures a more stable and reliable payment process.
This will serve as an additional channel for currency exchange in yuan between Georgian and Chinese banks and contribute to economic growth, considering China is one of Georgia’s top trading partners.
Regarding speculative claims that CIPS is an alternative to SWIFT, we emphasize that it is not.
As of June 2025, the CIPS network includes over 1,890 financial institutions from 90 countries – including 261 in Europe, 34 in North America, 34 in South America, and 22 in Australia/Oceania – many of which use both SWIFT and CIPS, alongside other regional systems.
CIPS is mainly focused on yuan-denominated payments, while SWIFT supports multiple currencies. We consider CIPS only as an additional tool – a mechanism for regional diversification – not a replacement for SWIFT.
Any claims suggesting that SWIFT is being replaced by CIPS or any other system are completely false.
It is also important to note that our relationship with SWIFT is strategic and continues to deepen.
The National Bank of Georgia is leading the rollout of the new ISO20022 SWIFT format in the Georgian banking system and actively participates in pilot projects of new SWIFT products.
This partnership is long-term and will remain a core part of Georgia’s integration into global financial infrastructure.”
News in Georgia
