3 Companies Helping Mongolia Embrace FinTech

By Leandra Monteiro

The rapid development of technology has pushed the global financial system to evolve at a faster rate than ever seen before. Even traditional financial institutions have undergone functional changes in recent years. Moreover, the COVID-19 pandemic further accelerated the digital transformation of the financial services industry. However, in Mongolia the FinTech industry is in the early stages of development. The presence of a network association of FinTech investors, technology players and industry participants is particularly important as they can represent industry interests, act as self-regulatory organisations, focus on the development of the sector and manage customer needs.

Here are 3 FinTech companies paving the way for a digital future:

GrapeCity Mongolia

Established in 2000, GrapeCity Mongol LLC specializes in the development of banking and payment solution software and is the market leader in this sector. Of the 12 commercial banks in Mongolia, 11 use the software products, and 9 operate on the core banking system.

Based on its unique market positioning in the banking sector, GrapeCity established the first-ever nationwide, inter-institutional MOST payment platform.

MOST money

Most Money is a public electronic payment service. It allows users to make their daily payments electronically without having to go to the bank using their mobile phone or the Internet. The user can register for the Most Money service by going to XXBank or Capitron Bank with an ID card and mobile phone. Download and install the Most Money application on their mobile phones.

The company encrypts and transmits information to meet end-to-end security requirements, and uses OTP to protect users’ privacy from third parties. Also, if the user’s privacy is set incorrectly beyond the allowed frequency, the right will be temporarily blocked, and the confidentiality of information between the user and the system is secured by SSL.

SendMN

The non-bank financial institution Sendmn was founded in 2016 as Financial SOS NBFI by four partners with the aim of providing customers with the cheapest and easiest way to offer international money transfer services.

Sendmn NBFC provides a solution for all kinds of money transfer issues to Mongolians spread around the world in the cheapest way and in the shortest possible time. Sendmn NBFC allows its customers to transfer money to more than 170 countries and more than 400,000 agents in just 10 minutes using their mobile phones.

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