Georgia expands partnership with Ripple to boost digital economy

Ripple’s recent partnership with the National Bank of Georgia will focus on exploring potential collaboration in the digitization of the country’s economy.

San Francisco-based payments company Ripple has expanded its partnership with Georgia’s top bank, the National Bank of Georgia (NBG). The recent collaboration aims to digitize Georgia’s economy and enhance financial technology in the country.

The news was revealed by Ripple’s Senior Vice President of CBDC (Central Bank Digital Currency) James Wallis during a weekend meeting with two NBG officials. They included NBG acting president Natia Turnava and another official from the bank, Varlam Ebanoidze.

In addition, Alistair Brown, a representative from Ripple partner EPAM System, also attended the meeting. EPAM System’s involvement highlights the importance of incorporating fintech solutions into initiatives to drive digital transformation.

According to a June 8 LinkedIn post announcing the meeting, the agenda was to explore opportunities for digitalization of Georgia’s economy.

NBG said the recent collaboration extends a previous collaboration between the two parties that took place until the end of 2023.

At the time, The Crypto Basic reported that NBG selected Ripple as the technology partner for its digital lari (GEL) pilot project from among nine shortlisted candidates.

According to the announcement, the pilot will utilize Ripple’s CBDC platform to plan and execute the digital lari project. The move will allow both parties to test CBDC technology in various sectors such as retail and commerce.

In addition to working with the National Bank of Georgia, Ripple is also working with several central banks on the same project, including Palau, Bhutan, Montenegro, Colombia, and Hong Kong.

Last year, Wallis revealed that Ripple was discussing CBDC plans with more than 20 countries. To further promote adoption, Ripple released a 23-page document in December last year detailing the basics, appeal, risks, and barriers of CBDCs.

NBG’s expansion of its partnership with Ripple shows that the San Francisco-based payments company is making significant progress in its digital Larry project.

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