Bank of Mongolia (BOM) and JCB have inked a system network agreement for T-Card JCB credit and debit card issuing. Mongolia’s economy is growing fast and the country is seeing an increase in overseas travel for both business and leisure. In 2013 about 1.35 million Mongolian people traveled to nearby Japan, China, Korea and Russia, where JCB has a strong presence.
BOM established a nationwide payment network in 2010 in order to provide uniform card payment services for the people of Mongolia. JCBI entered a master acquiring license agreement with major commercial bank Trade and Development Bank of Mongolia in May 2013 resulting in JCB card acceptance at almost all card merchants and ATMs throughout the country.
Currently four major banks act as gateways to the payment network for all domestic banks in Mongolia, which have issued about 1.5 million T-card bank cards to their customers. The new agreement with BOM enables these network member banks to start issuing credit and debit cards carrying both the T-card and JCB brands starting in early 2016.
Mongolia’s economy is growing fast and the country is seeing an increase in overseas travel for both business and leisure. In 2013 about 1.35 million Mongolian people traveled to nearby Japan, China, Korea and Russia, where JCBI has a strong presence. With the new agreement T-Card JCB co-badged cardmembers can enjoy international acceptance for their T-cards via the JCB network in 190 countries and territories worldwide.
As the Central Bank, the Bank of Mongolia (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.
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