Thunes partners with Trade and Development Bank Mongolia

This partnership aims to facilitate international transactions for TDB’s clients in Mongolia, enabling them to transfer funds to overseas bank accounts, mobile wallets, cards, and cash pick-up points. 

The collaboration comes in response to Mongolia’s growing cross-border remittance flows, which are largely driven by Mongolian workers abroad and international trade activity. By joining the Thunes network, TDB seeks to offer more secure and efficient global payment options, improving access to international financial services for Mongolian customers.

Supporting growing remittance needs 

Through this initiative, TDB will leverage Thunes' infrastructure, including the SmartX Treasury System and Fortress Compliance Platform, to improve the speed, security, and cost-efficiency of cross-border transactions. The goal is to address rising demand for reliable international money transfer solutions while ensuring transparency and regulatory compliance. 

Representatives from Thunes noted that this partnership would allow TDB to modernise its cross-border payment services. They highlighted the benefits of improved transaction visibility, control, and protection, which align with the bank’s goal of offering secure and innovative financial solutions to its customers. 

Officials from TDB emphasised the importance of joining the Thunes network in positioning TDB as a key player in Mongolia’s cross-border payment sector. They cited Thunes’ transparent and robust platform as a primary factor in the decision, adding that the collaboration would enable TDB to provide faster and more secure international payment services to meet growing customer needs. 

The agreement was signed during SIBOS 2024 in Beijing, serving as a framework for future cooperation. Both organisations plan to explore additional ways to enhance cross-border financial services in Mongolia.

What else has Thunes been up to? 

In a separate development, in October 2024, Thunes announced the launch of its QR Code Payments solution, aimed at optimising the payment experience of customers who travel in the region of China. The launch allowed members of Thunes’ Direct Global Network, including neobanks, mobile wallets, and banks with mobile capabilities, to connect directly and securely to QR code payment systems operated by the Digital Currency Institute (DCI) and NetsUnion Clearing Corporation (NUCC).  

For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.