Conditions Created to Use National MNT Cards in South Korea

2022-12-14 13:54:40

Ulaanbaatar /MONTSAME/. A signing ceremony for a Memorandum of Understanding on cooperation between the Bank of Mongolia and the “KT Group” of the Republic of Korea was held on December 13.

The signing of the MoU will allow the citizens of the two countries to use their respective countries’ bank cards in both Mongolia and South Korea. Specifically, the citizens of Mongolia are now able to use their national MNT cards in South Korea while South Korean citizens can make transactions in Mongolia using their KRW “BC card”, which will facilitate the services provided by the banks to citizens traveling in the two countries.

The Director of the Payment Systems Department of the Bank of Mongolia, E. Anar, said that this will serve as a significant impetus to prevent foreign currency outflow from our country. Noting that the MNT card meets international standards, he underlined that the business-to-business relations and cooperation will be further expanded once the MoU comes into effect.

As part of the “Payment System Reform” project implemented by the Bank of Mongolia in cooperation with the Asian Development Bank, the payment system of Mongolia has been modernized and reached international standards.

During the signing ceremony, Governor of the Bank of Mongolia B. Lkhagvasuren emphasized that the MoU is opening a new opportunity for the payment system of Mongolian banking and financial sectors. Moreover, it was emphasized that this is the beginning of the work to make Mongolian MNT cards useable in other foreign countries.