Ripple Joins Forces with National Bank of Georgia to Advance Digital Economy

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The Republic of Georgia is taking major strides to digitize its financial sector by forming a strategic partnership with Ripple. On June 8, top officials from the National Bank of Georgia (NBG) held a pivotal meeting with Ripple’s executives to discuss and solidify this collaboration.

National Bank of Georgia to Adopt Ripple’s Blockchain Technology

The National Bank of Georgia officially announced the meeting in a LinkedIn post, which detailed that Natia Turnava, the acting governor of NBG, and Varlam Ebanoidze, head of the bank’s Financial and Supervisory Technology Development Department, met with James Wallis, Ripple’s Vice President of Central Bank Engagements.

The discussions were centered on strengthening cooperation in financial technology and exploring opportunities for economic digitalization in Georgia.

During the meeting, Wallis introduced Alistair Brown from EPAM Systems, a prominent partner in digital solutions. This introduction marked a step towards deeper technological and operational collaboration.

Wallis expressed his enthusiasm, stating, “It was an honor to be back in Tbilisi and to introduce Alistair Brown from our partner EPAM Systems to NBG Acting Governor Natia Turnava.”

EPAM Systems is a software company that offers software engineering and digital platform design services. The involvement of EPAM indicates the essential role of integrating advanced fintech solutions to drive Georgia’s digital transformation agenda.

This latest collaboration builds on a history of partnership between NBG and Ripple.

It could be recalled that in late 2023, Ripple was appointed as the official technology partner for developing Georgia’s central bank digital currency (CBDC), known as the digital lari.

This pilot project aims to test CBDC technology across various sectors, including public services, businesses, and retail, and serves as a critical test for future blockchain solutions to position Georgia at the forefront of financial innovation in the region.

Ripple Partnerships Fuels Growth in Cross-Border Payments Industry

Ripple’s meeting with the National Bank of Georgia is part of a broader strategy to partner with central banks worldwide. The company’s payment systems have attracted considerable interest globally.

Mid-last year, Ripple partnered with Banco de la República, the central bank of Colombia, to explore the potential of blockchain technology for the Digital Peso pilot. This initiative, involving Colombia’s Ministry of Information and Communications Technologies (MinTIC) and blockchain specialist Peersyst Technology, aimed to evaluate the efficiency improvements a CBDC solution on Ripple’s platform could offer.

In another major move, Ripple announced a partnership with Clear Junction, a leader in cross-border payment solutions for regulated institutions, on June 5, 2024. This collaboration will enable Clear Junction to provide instant and secure GBP and EUR-denominated payouts for Ripple’s payment customers, with additional currencies expected to be integrated later this year.

As Ripple continues to forge strategic alliances globally, its partnership with NBG is set to play an important role in Georgia’s journey toward financial modernization, driving innovation and setting new benchmarks in the digital economy.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.