Thunes and Trade and Development Bank of Mongolia announce strategic alliance with the signing of Memorandum of Cooperation
Beijing, China, 26 November 2024 — Thunes, the Smart Superhighway to move money around the world, signed a Memorandum of Cooperation with Trade and Development Bank Mongolia (TDB), taking the first step towards joining Thunes’ Direct Global Network. This alliance will provide TDB’s clients in Mongolia the opportunity to send funds globally to overseas bank accounts, mobile wallets, cards, and cash pick-up locations, marking a significant development in cross-border financial services for the country.
The collaboration aligns with Mongolia’s increasing inbound and outbound remittances, which are estimated to be over $600 million in 2023 according to world bank data, driven by Mongolians working abroad and international trades. By joining Thunes’ Direct Global Network, TDB will be able to provide an efficient and secure method for Mongolians to send money across borders, enhancing their access to global financial services.
“We are proud to welcome Trade and Development Bank Mongolia to Thunes’ Direct Global Network. By leveraging Thunes’ SmartX Treasury System and Fortress Compliance Platform, combined with our Network’s global reach, TDB will benefit from increased speed, control, visibility, and protection in their transactions, along with cost efficiencies. This alliance positions TDB to provide cutting-edge cross-border payment services to its customers, meeting growing demands with greater innovation and security.”
Daphne Huang, Chief Revenue Officer of Thunes
“Our alliance with Thunes marks a pivotal step for Trade and Development Bank Mongolia as we aim to provide our customers with more innovative and efficient global payment services. The transparency offered by Thunes, along with the robustness of its Network, is a key differentiator in our decision to partner with them. By joining Thunes’ Direct Global Network, we can offer seamless international transactions with greater speed, control, and security. This alliance will position TDB as a leader in cross-border payment solutions in Mongolia, while ensuring our customers benefit from cutting-edge financial services that meet their global needs.”
Bayarsaikhan Otgonbayar, Head of the International Banking Department at TDB
Thunes and TDB signed a Memorandum of Understanding at SIBOS 2024, in Beijing, China, as a framework for their collaboration and will further explore opportunities to support the transformation of cross-border payments.
Contact:
Flo Holt, Headland, fholt@headlandconsultancy.com
Mathieu Limousi, Chief Marketing Officer, Thunes, mathieu.limousi@thunes.com
About Thunes:
Thunes is the Smart Superhighway to move money around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, as well as 15 billion cards via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes’ Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes’ Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 14 locations, including Abidjan, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco and Shanghai. For more information, visit: https://www.thunes.com/
About TDB:
Trade and Development Bank is one of the oldest and most prominent banks in Mongolia, offering a comprehensive range of banking and financial services. As a pioneer in the market, TDB plays a pivotal role in Mongolia’s banking sector, with a strong focus on corporate banking, trade finance services, and foreign settlement. TDB boasts a substantial and diverse corporate client base, serving more than 400 of the largest companies in Mongolia, including key players in sectors such as mining. Infrastructure, manufacturing, energy and agriculture. The bank’s tailored financial solutions cater to the unique needs of its corporate clients, offering services that range from working capital loans and project financing to cash management and trade finance. Moreover, TDB holds a dominant position in Mongolia’s foreign settlement market, managing a significant portion of the country’s international transactions. It is worth to note that TDB became the first bank to reconnect to the Global USD payment system by opening a USD account at Bank of New York Mellon Since Mongolia entered the FATF grey list in 2019. TDB’s strong correspondent banking network, which includes over 200 partnerships with globally reputable financial institutions, allows it to provide its clients with seamless foreign transactions. For more information, visit: https://www.tdbm.mn/en/
