Ulaanbaatar
National MNT Credit Cards to be Used in South Korea
Economy
Ulaanbaatar, January
30, /MONTSAME/. The citizens of
Mongolia can use their national credit cards in the Republic of Korea, and the
Koreans are able to use “BC Cards” in Mongolia.
The President of State
Bank B. Lkhagvasuren and the CEO of “BC Cards,” Choi Won-Seok, signed an
agreement to cooperate in financial services with the importance of having no
limit in a legal jurisdiction.
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. Within the framework of
this project, the Bank of Mongolia and the “KT Group” of the Republic of Korea signed a Memorandum of Understanding for cooperation on December 13.
In cooperation with
the national commercial banks, the Bank of Mongolia successfully introduced the
national ₮ card, symbolically named as national currency “Tugrug,” in 2012. As
of 2022, the national ₮ card makes up 55 percent of the local card payment
market.
