Category: News

Transport and Development Bank (TransBank) has become the first commercial bank in Mongolia and Central Asia to join China’s Cross-Border Interbank Payment System (CIPS) as a direct offshore participant. This allows the bank to offer its customers a secure and efficient way to make CNY payments from Mongolia to anywhere in the world through CIPS, ensuring reliable, low-cost, and real-time gross settlement.

China introduced CIPS in 2015 to internationalize the yuan, enhance its circulation, and securely process payments. Backed by the People’s Bank of China, CIPS provides clearing and settlement services for crossworder yuan transactions.

FEATURES OF THE CIPS SYSTEM

• Speed and Convenience: CIPS enables real-time settlement of CNY payments, allowing transfers to be executed faster and more efficiently than ever before.
• Interbank Collaboration: CIPS enables seamless CNY transactions through its network of 169 direct participant banks and financial institutions, connecting with globally recognized entities.
• Participant Structure: CIPS consists of direct and indirect participants. Direct participants can process transactions in real time through the system, while indirect participants rely on direct participants to facilitate their transactions.

A STEP FORWARD FOR TRANSPORT AND DEVELOPMENT BANK

TransBank going forward aims to strengthen its competitiveness in the international market by operating as a financially stable partner bank and a private banking service provider that meets global standards. As part of this strategy, the bank is integrating major international payment systems into its operations, ensuring alignment with customer needs and shared values. The bank’s integration into the CIPS system as a direct participant highlights its commitment to strengthening its financial capabilities and meeting the international banking standards set by regulatory bodies.

TransBank is committed to becoming a leading global bank by focusing on customer needs, building strong partnerships, and ensuring fast, sustainable progress

TransBank has launched a special promotional campaign titled “With a Visa Card Comes Priority Pass” for customers who order the “Golden Visa” card and for loyal cardholders.

As part of this campaign, TransBank is offering customers a complimentary Priority Pass membership valid for 5 years, valued at $495.

CAMPAIGN PARTICIPATION CONDITIONS:

1. Customers who order a new Golden Visa card (debit or credit) between February 19, 2025 and March 15, 2025;
2. Customers who make a purchase transaction of 2 million MNT or more using their Visa card between February 19, 2025 and March 10, 2025, will be eligible to receive a Priority Pass membership.

WHAT IS PRIORITY PASS?

Priority Pass provides access to VIP airport lounges in over 1,300 airports across 148 countries worldwide, allowing you to relax comfortably while waiting for your flight.

HIGHLIGHTED SERVICES:

1. Premium Brand: Recognized as the world’s largest and most reputable airport lounge program by users globally.
2. Extensive Coverage: Members have access to over 1,300 premium airport lounges worldwide, including exclusive services such as dining, spa treatments, and more.
3. Remote Digital Solutions: The Priority Pass app acts as a digital assistant for lounge access, featuring 12 languages, airport maps, and additional useful tools.
4. 24/7 Customer Support: Fully compliant with PCI DSS standards, Priority Pass provides round-the-clock support in 12 languages, ensuring global assistance and customer management services.

For more detailed information on Priority Pass, please click HERE.

TransBank offers a variety of cards with special terms and benefits tailored to meet the needs of its customers.

HOW TO BECOME A CARDHOLDER?

1. Customers can order their card via the TransBank app or through digital.etransbank.mn.
2. Existing customers who need to replace a lost or expired card or wish to order a new one can do so without visiting a branch by calling the Customer Service Center at 1800-9999.
3. New customers without an account at TransBank can visit a nearby branch in person to apply.

Dear Customer:

• • For more detailed information about the promotion, please contact our Customer Service Center at 1800 – 9999.
  • To learn more about the card, please click HERE.

As a provider of private banking services meeting international standards, TransBank values the shared trust of its customers and continues to strengthen its position as a stable financial partner in the banking sector.

TransBank has established a correspondent relationship with DBS Bank, the leading bank of the Republic of Singapore, and successfully opened a Singapore dollar account. This enables TransBank’s customers to make Singapore dollar foreign transfers quickly and efficiently with favorable fee conditions.

DBS Bank, with a 57-year history, operates in 19 international markets and is recognized as one of the world’s most reputable major banks.

The expansion of cooperation with such a globally renowned bank reflects TransBank’s commitment to meeting international standards.

For more information about TransBank’s foreign payment services, please click HERE.

Commercial banks operating in Mongolia are gradually transitioning to the internationally recognized IBAN (International Bank Account Number) system in accordance with global standards. As part of this upgrade, TransBank will implement the IBAN account numbering system starting from April 1, 2025. This change will enable customers to use IBAN account numbers when conducting interbank transfers, and all interbank transactions will be required to use IBAN numbers. However, the use of IBAN account numbers will not be mandatory for transfers between TransBank accounts.

This update aims to enhance the security, speed, and reliability of transactions.

What is IBAN?

IBAN (International Bank Account Number) is a standardized account numbering system consisting of 20 characters, recognized under the international ISO 13616–1 and ISO 13616–2 standards. It provides a unified coding system for interbank transfers and includes information such as the recipient’s country and bank code.

The implementation of the IBAN system represents not only a technological upgrade but also a significant step towards aligning Mongolia’s banking sector with international standards, making banking services more accessible, reliable, and faster.

As of December 31, 2024, TransBank’s total assets reached MNT 1.1 trillion.

Through improvements in asset quality and growth in funding sources during the reporting period, the bank achieved a net profit of MNT 11.6 billion. Additionally, the credit risk-bearing capacity ratio increased to 87%, a 26-percentage-point rise compared to the previous year.

The bank’s prudential ratios remain within the regulation set by the Bank of Mongolia. The liquidity ratio stands at 31.8%, and the capital adequacy ratio is 25.2%, exceeding the required minimum by 13.2 percentage points.

During this period, TransBank made significant strides in enhancing its customer service culture, improving risk management practices, and optimizing internal operations. These efforts have bolstered the bank’s service availability, scope, efficiency, and competitiveness, while strengthening its long-term financial stability and capacity.

For detailed financial information, please click HERE.

Smishing (SMS + Phishing): This refers to attempts to steal personal and financial information through fraudulent SMS messages.

Mishing (Mobile + Phishing): This involves using phone calls to deliver deceptive information aimed at tricking individuals into revealing sensitive data.

Recently, there has been an increase in attempts to illegally obtain personal and financial information through fake messages containing content such as:

1. ““Your internet banking password has been locked; please reset your password.” (To activate the link, reopen the message or copy and paste the link into your Safari browser.)
2. “Suspicious transactions have been detected on your account; please verify using the following link:” https://transbankmnonga.mn (redirects to a fraudulent website)

These messages are designed to unlawfully access your financial and personal information. Please avoid clicking on suspicious links or entering your information.

Our bank never requests your information online via such messages. Therefore, refrain from clicking on links from unknown sources to protect your data.

Important reminders:

1. Do not provide personal information in response to unknown calls or messages.
2. Always verify and confirm official sources before taking any action.
3. In case of suspicion, contact the bank or relevant authorities directly.

TransBank’s total assets steadily increased to 985 billion MNT, with after-tax net profit rising by 88% year-on-year to reach 8 billion MNT.

During the reporting period, the bank fully complied with the regulatory capital adequacy requirements set by the Bank of Mongolia, with a quick ratio of 30.2% and a capital adequacy ratio of 23.9%.

Highlights of TransBank’s activities in Q3 2024 include:

• Through its representative offices in Beijing and Tokyo, the bank introduced innovative products and services tailored to meet the financial needs of its clients.
• Successfully implemented the international information security standard ISO/IEC 27001:2022, ensuring business continuity and operational stability.
• Expanded its private banking services in line with international best practices and opened a new branch in Minister Tower, located at the city center, to provide more accessible financial services to clients.

Dear valued clients, you are welcome to visit TransBank’s new branch, where you can conveniently access all banking services in one location with prompt and efficient service.

Click HERE to view the detailed Q3 2024 financial report.