Georgia sees China's CIPS as alternative to SWIFT

The National Bank of Georgia (NBG) has begun discussions on possible cooperation with the Chinese cross-border interbank payment system CIPS, the NBG said following a meeting between its head Natia Turnava and CIPS President Fu Huang, which took place in Tbilisi, Report informs via Interfax.

Interest in alternative systems arose against the backdrop of the European Parliament resolution adopted last week, which calls for disconnecting Georgia from the international interbank system SWIFT.

CIPS (Cross-Border Interbank Payment System) is an international system created by the People's Bank of China in 2015. It provides clearing and settlements for international transactions in yuan.