Thunes teams up with MBANK to optimise cross-border payments

Singapore-based cross-border payment solutions provider Thunes has entered into a strategic agreement with MBANK to allow the latter to be part of the Thunes Direct Global Network. 

As part of this collaboration and by being a member of the Thunes’ network, MBANK is set to be able to connect businesses and individuals in Kyrgyzstan directly to over 7 billion mobile wallets and bank accounts globally, to conduct payments in real-time in over 130 countries and 80 currencies more conveniently, reliably, and efficiently.

Thunes and MBANK’s plans in Kyrgyzstan

The partnership between Thunes and MBANK intends to facilitate simplified money movement to and from Kyrgyzstan, with the two firms planning to enable local licenced institutions and merchants to make a wide range of transactions, including B2B, P2P, B2C, and C2B payments. Through these services, Thunes and MBANK aim to assist different cross-border use cases, such as foreign education payments, ecommerce transactions, and local acceptance of gig economy payments.  As Thunes’ sending partner, MBANK is set to allow local businesses and consumers to access the Thunes Direct Global Network, including the firm’s Smart Treasury Management Platform and Fortress Compliance Infrastructure. This focuses on enabling increased speed, control, visibility, protection, and cost savings when conducting real-time cross-border payments.

Furthermore, by entering Kyrgyzstan, Thunes centres its efforts on complementing its broader development strategy to expand its Thunes Direct Global Network to reach all countries at a global level. Following this initiative, Thunes and Commercial Bank Kyrgyzstan are set to extend the capabilities of their payment solutions across additional countries, including Armenia, Azerbaijan, Belarus, Kazakhstan, Moldova, Uzbekistan, Tajikistan, Turkmenistan, and China. This move aligns with a broader mission of assisting the growth of this region, which represents a central part of China’s Belt and Road initiative.

When commenting on the announcement, representatives from MBANK mentioned that the alliance supports the bank’s commitment to developing new opportunities for all customers and improving the quality of international transfers, making them more accessible to everyone. By teaming up with Thunes, the bank is set to introduce additional technologies that can solidify MBANK’s position in Kyrgyzstan’s banking industry.

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