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JCB, Bank of Mongolia and Trade and Development Bank of Mongolia
Sign Master Acquiring License Agreement
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16 May 2013, Tokyo and Ulan Bator: JCB International Co, Ltd. (“JCBI”), the international operations subsidiary of JCB, Bank of Mongolia (“BOM”), chair of the nationwide payment network, and Trade and Development Bank of Mongolia (“TDBM”), a major commercial bank in Mongolia, are pleased to announce the signing of a Master License agreement for merchant acquiring. The new agreement enables all merchants in Mongolia to accept JCB cards.
BOM, as the country's central bank, started setting up a countrywide payment network in 2010 in order to cater for the rising demand for international and domestic payment card acceptance. TDBM had a partnership with JCBI since 1994 and offered to act as the gateway to the JCB network.
Kimihisa Imada, Deputy President of JCBI said, “I am very pleased to be able to strengthen our business in this country through the partnership with BOM and TDBM. We foresee that the card market in Mongolia will be growing even faster thanks to the country’s strong economic development. Together with BOM and TDBM, we are eager to aggressively expand our collaboration in this market.”
Batshugar Enkhbayar, Deputy Governor of BOM said, “As we are aware, the central bank’s role in the payment system is to promote its primary function of providing payment, clearing and settlement service; in this context, cashless payments are one of the important functions for the financial system and the economy as a whole. BOM started payment card clearing network in collaboration with major member banks in 2010. Since this historical event, both domestic and international card payment volume has been rising continuously. We believe that JCB card acceptance in the country will expand both economic and financial cooperation between Japan and Mongolia.”
Medree Balbar, Chief Executive Officer of TDBM said, “It is a great honor for me to have a partnership with JCBI and BOM. JCBI and TDBM have enjoyed a long standing relationship with each other from 1994. Over the last decades, our connections and JCB card transactions have been growing, significantly. Looking to the future, we will be able to achieve more and to be able to continue to develop even stronger relationships between the people of Mongolia and Japan through our broad cooperation.”
The new agreement between JCBI and the two Mongolian institutions will significantly improve the payment environment for JCB cardmembers visiting the country. With the card acceptance made wider through this deal, JCB is looking to start the card issuance with banks in Mongolia in the near future.
About Bank of Mongolia
As the Central Bank, BOM ensures the stability of the national currency – Togrog. Within this main objective, the BOM promotes balanced and sustained development of the national economy, through maintaining the stability of money, financial markets, and the banking system. In order to implement its objectives, the BOM conducts activities such as issuing currencies in circulation, formulation and implementation of monetary policy, acting as the Government’s fiscal intermediary, supervision of banking activities, organization of inter-bank payments and settlements, management of the official foreign exchange reserves.
About Trade and Development Bank of Mongolia
TDB was established in October 1990 and over past decade has become a leading banking and financial services provider in Mongolia.
TDB, the oldest bank of Mongolia, prides itself for its leading position in the universal banking service provider, offering a full range of services, including large corporate, SME and retail lending, deposit-taking, trade finance, remittance, cash management, treasury, foreign exchange and investment banking. TDB acts as a primary lender to most of Mongolian leading corporations as well as foreign corporations and foreign representative offices across all major industrial and commercial sectors with a constantly innovating range of universal banking products and services delivered with dynamism and excellence in service and quality. Leveraging this pre-eminent position and its long-standing customer relationships, the Bank has consolidated its market-leading position in the handling international trade finance and remittance, with access to credit lines from major international lenders and correspondent banking relationships with over 150 international financial institutions. |
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