Author: Nomundari A
Any information that can identify you is considered personal information. Collecting, using, or sharing such information without your consent is prohibited by law. This may include:
- Identity information: Name, national ID and ID registration number;
- Contact information: Phone number, email, residential address;
- Financial information: Bank accounts, card numbers, transaction history;
- Health information: Diagnosis, treatment details, social welfare;
- Digital footprint: Location data, social media posts, photos.
Some service providers may request your personal information under applicable law. Always ensure you understand why it is required and how it will be protected before sharing.
HOW TO PROTECT YOUR PERSONAL DATA?
- Use strong, unique passwords;
- Do not share sensitive details over phone, text, or social media;
- Only download banking or government apps from official sources;
- Avoid clicking on suspicious links, emails, or messages;
- Monitor your account activity frequently and report any unusual transactions immediately.
Mismanaging personal information online can expose your finances, reputation, and securityto serious risks. By protecting your data, you safeguard your life.
YOUR PERSONAL DATA = YOUR LIFE’S SECRETS
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What is CIPS?
- CIPS (Cross-Border Interbank Payment System) is an international payment system established in 2015 with the approval of the People’s Bank of China. It enables prompt, reliable, and secure yuan (CNY)-denominated cross-border payments, investments, and other types of transactions.
- As a Direct Participant in the CIPS system, our bank is able to execute yuan transactions directly—without the use of intermediary banks. This means shortened transaction timelines, reduced costs, and enhanced reliability.
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Will using CIPS reduce fees?
- Yes. Previously, international yuan payments routed through correspondent banks incurred extra charges. When making transfers via CIPS, such intermediary charges are eliminated. (Final charges may still depend on the type and amount of transaction.)
- Using our bank to send yuan transfers via CIPS means no intermediary fees. Depending on the destination country and transaction amount, this can result in savings of approximately MNT 30,000 to 155,000 per transaction compared to other commercial banks in the market.
- All types of international yuan (CNY) payments can be executed via CIPS for destinations in China and over 120 other countries swiftly and reliably.
- No. If you already have a yuan (CNY) current account with us, you can initiate cross-border yuan transfers directly using that account.
- Transactions sent via CIPS usually arrive within 2-4 hours. In some cases, depending on the recipient bank, it may arrive the next business day.
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Is CIPS only for yuan (CNY)?
- Yes. CIPS is an international interbank system dedicated to conducting cross-border payments in yuan (CNY) only.