Under the MoA, the parties will cooperate to build sustainable business practice which respects human rights, ensures social inclusivity, and safeguards environmental sustainability. The parties will also work on areas including research, strategy, management, mentoring and funding to support Mongolian private companies who wish to expand their businesses by entering the international market.
Transport and Development Bank, with its 25 years of professional services in the banking sector, further aims to bring new level of financial services to our customers and to create products and services that meet international standards.
With this said, we are pleased to present our new Website that is integrated and able to work with our customer service platform and offers new opportunities to interact with the Bank.
The new Website offers customers the ability to receive comprehensive banking and financial services in Mongolian, English and Chinese languages without the limitation of time.
We would also like to highlight the banners and contents of the new Website. Particularly Mongolians were the first nation to have laid the foundation of today’s paper currency back in 13th century. Therefore, the new Website features unique web banners with historical content to increase the banking and financial knowledge of our customer.
International Networking Event Hosted by TransBank
The International Cooperation Division hosted a successful Networking and Product Launch Event on the evening of Wednesday 25th May in the TransBank lounge at Headquarters, Shangri-La Offices, Ulaanbaatar.
The event featured participants from the Asian Development Bank, Embassy of the United States to Mongolia, European Union Delegation in Mongolia, Oyu Tolgoi, Sandvik Mongolia, the British School of Ulaanbaatar, the International School of Ulaanbaatar, Max Group, Shangri-La Hotel Ulaanbaatar and other prominent International and Mongolian enterprises. The event was hosted by Mrs Erica (Erkhembayar) Baltsukh Deputy CEOs of TransBank.
Mr Declan Magee, Deputy Country Director of Asian Development Bank in Mongolia presented ADB’s latest Economic Outlook and Plans for Mongolia.
Mr Magee highlighted several key trends which are negatively impacting growth including: ongoing border closures and trade disruption; high inflation; exchange rate depreciation coupled with falling foreign reserves; high domestic financing needs; with high geopolitical risks. Export performance is expected to remain weak and this signals low growth for Mongolia in 2022.
As for planning ADB’s Country Partnership Strategy 2021-2024 is focused on “supporting Covid-19 recovery and lay[ing] resilient foundations for inclusive and stable growth”. The CPS focuses on inclusive social development and economic opportunity, climate-resilient infrastructure development and green development.
TransBank, gave a brief presentation of it’s recent development and products. We presented new Exchange Rate Risk Sharing Deposit product which offers our customers a higher interest rate to compensate for any official Bank of Mongolia MNT-USD exchange rate depreciation.
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%.