Transport and Development Bank (TransBank), the first commercial bank to introduce a world-class Private Banking service in Mongolia has been operating in the banking and financial sector for the past 25 years. The Bank has started a new page of its history in 2021 with the merger of TransBank with the Credit Bank.
Within the framework of its new strategic goals, TransBank was first to introduce Private Banking services in Mongolia and is delivering the Private Banking services to its customers in accordance with international standards. Following up on our success, we are happy to announce that TransBank in partnership with “KKTT” LLC, a subsidiary of Innovation Investment, has successfully received the authorization from TenPay to receive payments using the WeChat Pay system.
Our partnership is composed of 3 stages. The first stage is to receive payments by static, system-connected Dynamic, and Official Account Pay.
During the second stage or in the third quarter of 2022, Mongolian small and medium-sized enterprises and those that create economic value will be able to sell their products by placing them on their own online store on the Wechat application. The introduction of the payment system will not only increase the number of online trading channels between the two countries, but will also create a great opportunity for us to supply our products to the online shopping market and create major economic opportunities.
Lastly, in the third stage, we are working toward making it possible for Mongolian citizens to link their Mongolian payment cards to the WeChat payment network and be able to pay for products without any additional fees.
By registering to the WeChat Pay payment service, merchants can receive payments made through the WeChat Pay system within the same day, while also enjoying the lowers transaction fee of 2%.