Category: News

As mobile payments and digital banking usage continue to rise, ensuring the security of your smartphone and online banking access has become increasingly important. TransBank advises its clients to follow the cybersecurity recommendations below to proactively safeguard against potential risks.

When registering for digital banking:

1. Upon registering for digital banking, your registered email address will receive sensitive information such as transaction confirmations, one-time passwords (OTPs), and security questions. It is essential not to share your email password with anyone.
2. Do not share any verification codes sent to your registered mobile number or email address with others under any circumstances.
3. Always change the default login username that is initially created during registration.
4. When setting a password, avoid using easily guessable information such as your name, date of birth, mobile number, or account number.
5. Never store your password in visible places such as notes on your phone or on paper.

When using digital banking services:

1. Regularly monitor the list of registered and recently accessed devices used to log in to internet banking, and revoke access for any devices you no longer use. It is important not to verify or save login credentials on unfamiliar or untrusted devices.
2. Before installing any application, carefully review the permissions it requests. Only download and use applications from official sources such as the Google Play Store, Apple App Store, or Huawei AppGallery. Mobile applications may access, store, and transmit personal data from your device; therefore, it is important to familiarize yourself with your device’s security and privacy settings as a regular practice.
3. Do not leave your mobile phone or smart devices unattended. Enable automatic screen lock functionality and disable Bluetooth when not in use. Please be aware that when Bluetooth is left enabled, it may allow unauthorized individuals to remotely access or control certain functions of your mobile phone or other smart devices.
4. Before initiating any transaction, carefully verify the recipient’s name, account number, and all other relevant details for accuracy. Regularly review your digital banking statements, and refrain from providing goods or services based solely on another party’s transaction receipt or confirmation.
5. If you purchase and use a previously owned mobile device, perform a factory reset and delete any unnecessary applications to ensure your security.
6. Using a jailbroken or rooted device for digital transactions or entering personal information significantly increases the risk of password compromise, exposure to malware, and ineligibility for official application support. Therefore, it is strongly recommended to avoid jailbreaking or rooting your mobile device.
7. Prior to transferring ownership or selling a previously used smart device, users must securely remove all personal information – including data stored in applications, email accounts, and saved passwords – and perform a complete factory reset or device reformat to guarantee the confidentiality and integrity of their information.

If you suspect that your personal information has been compromised or notice any suspicious transactions on your account, it is strongly recommended that you promptly contact your bank branch or call the customer service hotline to temporarily suspend your banking access. Additionally, immediately change your digital banking password and update your personal information to protect your account.

TransBank Presents Its Financial Report for Q2 2024

TransBank recorded a net profit after tax of MNT 5.5 billion for the second quarter of 2024, reflecting a 92% increase compared to the same period last year.

The Bank fully complied with all prudential ratio requirements set by the Bank of Mongolia during the reporting period. Notably, its liquidity ratio stood at 30.8%, while the capital adequacy ratio reached 24.3%.

Key Highlights of Q2 2024:

1. In collaboration with UNION BANCAIRE PRIVEE (UBP), a leading Swiss private bank, TransBank introduced Wealth Management services, offering clients access to premium asset management solutions.
2. Moody’s, the international credit rating agency, reaffirmed the Bank’s credit rating at the “B3” level.
3. TransBank became the first Mongolian private bank to officially establish and launch operations through a representative office in the People’s Republic of China.
4. The Bank also introduced the “Billionaire Pure Metal” card, Mongolia’s first high-end stainless steel card made from pure metal, setting a new standard in premium banking products.

As Mongolia celebrates the 100th anniversary of the establishment and development of its banking system, TransBank extends its sincere gratitude to our clients and partners for their continued trust and collaboration.

Click HERE to view the full financial report for Q2 2024.

TransBank, a provider of international-standard private banking services, is committed to delivering innovative financial solutions that promote sustainable development for its customers.

In line with this commitment, TransBank, in collaboration with global payment networks Visa International and UnionPay International, proudly introduces Mongolia’s first-ever premium stainless steel debit and credit card – the “Billionaire” Metal Card – in 2024. This cutting-edge product features a sleek, durable design crafted from pure metal, setting a new benchmark in the domestic banking sector.

The launch of this first-of-its-kind metal card in Mongolia represents a historic milestone that elevates the quality and standards of card-based payment services. Custom-designed to reflect the distinctive lifestyle of our high-net-worth clientele, the “Billionaire” Metal Card stands as a symbol of prestige and exclusivity.

Key Features of the Stainless Steel “Billionaire” Metal Card:

1. Premium Stainless Steel Design:Crafted with precision, the card features a robust structure, minimalist modern aesthetics, and a user-friendly Quick Read layout.
2. Exclusive Privileges: Cardholders enjoy access to a wide range of premium benefits, including domestic and international concierge services, airport lounge access, and discounts and offers from partner brands.
3. Advanced Security: The card is equipped with three secure payment technologies – EMV chip, contactless, and magnetic stripe – ensuring seamless and secure transactions.
4. Unlock Purchase:The card provides the highest daily transaction limits and credit lines available in the market.
5. Market First: TransBank is the first in Mongolia to introduce a Diamond-tier UnionPay metal card. Notably, the card includes exclusive Limo Service access in the Asia-Pacific region for the first time.

By introducing Mongolia’s first pure metal payment card, TransBank marks a significant milestone in the nation’s financial sector. In today’s rapidly evolving digital landscape, we are committed not only to offering the latest technological innovations but also to providing premium financial products tailored to the unique lifestyles and expectations of our customers.

Since 2023, TransBank has been actively implementing a range of projects aimed at establishing an independent digital payments infrastructure, resulting in the successful deployment of the advanced “TranzAxis” card management platform developed by UK-based Compass Plus Technologies, and achieving full principal membership with Visa International, direct participation in the National Electronic Transaction Center under the Bank of Mongolia, and principal membership with UnionPay International.

For more information about the TransBank “Billionaire” Metal Card and its exclusive benefits, please CLICK HERE.

The card can be ordered through Internet Banking, the TransBank Mobile App, or by visiting your nearest TransBank branch.

Customer Service Center: 1800-9999

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.