The National Bank of Georgia (NBG) and the Bank of Korea have officially launched a collaborative project aimed at advancing cashless payments in Georgia. The initiative falls under the Knowledge Partnership Program (KPP), a cooperative framework between the two central banks, and is designed to accelerate the development of digital payment systems in Georgia.

NBG Vice President Ekaterine Galdava emphasized the significance of the initiative, noting that it aligns with Georgia’s broader efforts to modernize its financial infrastructure—specifically the upgrade of its Real-Time Gross Settlement (RTGS) system and the planned introduction of instant payment services.

According to the NBG, Georgia is the first non-Asian country to collaborate with the Bank of Korea and the Korea Financial Telecommunications and Clearing Institute (KFTC) on a project focused on the advancement of cashless payments.

The partnership draws on South Korea’s extensive experience in payment system modernization and aims to promote technological innovation, assess consumer behavior and infrastructure challenges, and enhance financial inclusion, especially in underserved regional areas.

In future phases, the project will involve in-depth analysis and evaluation, leading to tailored recommendations for policy updates, regulatory frameworks, and technological enhancements in Georgia’s payment ecosystem.