Category: News

Moody’s remained the Transport and Development Bank LLC’s B3 rating and outlook as stable in its latest Credit Opinion published as of November 14, 2022.

The Moody’s  also notes the Bank has strong capital position compared with that of its larger commercial bank peers and expects the bank’s liquidity remain robust over the next 12-18 months, although the ratio will gradually decline as its loan business expands.

As of the end of the third quarter of 2022, the total assets of the bank reached 915.6 billion MNT, which is 39.3 percent from the same period in 2021, and the net profit reached 10.7 billion MNT, an increase of 13.5 percent compared to the same period of the previous year.

During the reporting period, the bank has fully met the indicators of appropriate ratio of operations.

The bank continues to expand its business scope by establishing a tripartite cooperation memorandum with the “Asian Business Association NGO” and “Educated Enterprise LLC” and a memorandum of cooperation with the “Asia Foundation in Mongolia” to support women’s entrepreneurship.

“Multi-currency nostro account” is opened in “Erste” bank of Austria, increasing the possibility of foreign payments for our customers.

Click here to view the financial statements for the third quarter of 2022.

On October 10th, 2022, TransBank got into a tri-party agreement with Zamiin-Uud Free Zone’s Director’s Office and KKTT KKC to introduce WeChat Pay inside the Free Zone area of Zamiin-Uud.

The benefit of this partnership will provide opportunity for citizens, companies and organizations to implement the payment system of WeChat Pay with ease and speed.

Parties involved in the agreement plan to expand the operation and work to maintain stable partnership.

In May 2022, TransBank and KKTT LLC successfully introduced the payment system of WeChat Pay.

The operation currently involves the conversion of service centers, restaurants, hotels, and other organizations which are popular among Chinese citizens, to become merchants and ultimately implement the payment system for each partner.

With the help of WeChat Pay’s system infrastructure, we enabled the opportunity to receive payments directly from Chinese citizens.

As of second quarter of 2022, the total asset of the Bank reached MNT 837.2 billion, an increase of 102% compared to the same period in 2021, while the net profit reached MNT 9.8 billion, increasing by 145% compared to the same period of the previous year.

During the reporting period, the Bank fully complied with the prudential ratios set by the Bank of Mongolia and implemented a new risk based approach into its operations. As of first half of the 2021, the NPL ratio of the Bank stood at 3.1%, which is significantly lower than the banking sector average.

Furthermore, in order to expand the scope of our operations and to bring our services closer to our customers, the Bank has opened 3 new branches (Premium, Cedar and Munkh Tower), bringing the total number of branches to 11. We would also like to highlight introduction of the WeChat Pay international payment system by the Bank, which enables our customers access to 64 countries and range of new opportunities.

As of June 30, 2022, in accordance with Article 4, Clause 4.2 of the Banking Law and Article 4 of the Procedures on Complying with the Amendment to the Banking Law, we are pleased to announce that Transport and Development Bank has been restructured as Closed Joint Stock Company.

Click here to view the financial report for the second quarter of 2022.

INTERBANK TRANSACTION

Please be informed that interbank transactions worth more than MNT 5,000,000.00 (five million tugrugs) or equivalent foreign currencies made between 4:20 p.m. on July 8, 2022 and 9:59 a.m. on July 18, 2022 will be credited to the beneficiary’s account on July 18, 2022. Kindly also note that international remittances made between the same period will be credited to the beneficiary’s account after July 18, 2022.

Should you have any enquiries, kindly contact our Call Centre at 7716-9999.

• TIME SCHEDULE

On July 11-15, 2022

ALL BRANCHES CLOSES.

NARAN BRANCH

On July 09/10, July 16/17, 09:00 am – 07:00 pm.

1ST, 2ND floor, Naran Mall Department Store, Seoul St-35, 3rd khoroo, Sukhbaatar District, Ulaanbaatar, Mongolia

Thank you for banking with us.

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 13^th 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 25^th 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%.