Author: Nasantsatsral B

TransBank has signed a partnership agreement with Priority Pass (A.P) Ltd to provide convenience during international flights for its Billionaire cardholders, the first and world-leading PRIORITY PASS™ program from Collinson Group.

As part of this partnership, Transport Development Bank’s high-class Billionare Visa cardholders will become members of the PRIORITY PASS™ program. This will allow Billionare Visa cardholders to access over 1,500 high-class lounges in over 600 cities in 145 countries around the world at the same membership price as their international flight at www.prioriypass/transbank.com.

TransBank has directly connected to the world-leading Visa International organization’s “Visa Net” network. “Visa Net” is the world’s largest and most centralized network that provides security for the transmission, verification, and execution of electronic payments based on international card payment technology, infrastructure, and innovation.

By implementing a series of projects to create an independent digital payment system from 2023, the TransBank has become a full member of Visa International, a direct participant in the National Electronic Transaction Center under the Bank of Mongolia, and a full member of Unionpay International, with independent card software based on the latest “TranzAxis” platform of the card payment management system of the UK-based “Compass Plus Technologies”.

This allows TransBank cardholders to quickly access more than 100 million service providers from more than 15,000 banks and financial institutions in more than 200 countries around the world. In addition, the bank is working to ensure the safety and reliability of its cardholders’ payments with the help of the “Fraud monitoring system” to prevent the risk of payment card fraud and the “VAA system” of VISA International’s security control and monitoring on the Visa Net network.

In addition, Transport Development Bank’s client businesses have opened up a new avenue and opportunity for expanding their business operations by accepting card payments from 4.2 billion VISA cardholders worldwide.

The TransBank has received approval from the General Commission for Financial Supervision and Regulation of the People’s Republic of China to establish a representative office and has officially opened a representative office in Beijing, China.

Through the representative office, it provides Chinese entrepreneurs and financial institutions with relevant information about the Mongolian economy and market, and opens up favorable opportunities for cooperation by serving as a financial bridge connecting business organizations with Mongolian companies.

The TransBank has successfully received a total of USD 24.7 million in external resources from banks and financial institutions based in Germany, Singapore, and Japan as of the first quarter of 2024. Of this, USD 6.4 million in green financing has been received from external markets as part of its efforts to expand sustainable and green financing.

Additionally, a total of 7.1 million USD was repaid in principal and interest payments from external sources, continuing long-term and reliable cooperation with client banking and financial institutions, further increasing external sources.

TransBank has been supporting green projects that promote environmentally friendly businesses, reduce greenhouse gas emissions, and improve energy efficiency and efficiency, and offers a variety of green loan products for consumers and businesses to its customers.

Within the framework of this financing, we offer our customers flexible and favorable green loans that support environmentally friendly activities and eco-products, creating an opportunity to fight climate change together and contribute to our planet. In connection with this financing, we aim to improve and make our products and services more convenient in order to reach our customers in an efficient and accessible way.

The Bank is under the constant supervision and regulation of the Bank of Mongolia because it accumulates and stores the funds of citizens, legal entities, and the public on the basis of mutual trust, and uses these resources to engage in financial intermediation activities, playing an important role in the country’s economic development and financial stability.

Law enforcement agencies conducted a search of the TransBank as part of a criminal investigation into certain prominent individuals, and it was reported on social media and some media outlets that the bank may have been involved in illegal activities.

Any person who becomes a significant shareholder of a bank or acts as a bank manager is subject to legal regulations that require permission and notification from the Bank of Mongolia, and the individuals named in the information are not shareholders or managers of the TransBank. It is also worth noting that the bank is not responsible for any obligations of the shareholder and is exempt from and separate from the liability of the shareholder.

The operations of the TransBank are conducted in accordance with the Law on Banking and relevant laws. While monitoring the financial condition and prudential criteria, the Bank of Mongolia is ready to take relevant measures in accordance with the law to ensure the stability of not only the bank itself but also the banking sector.