May 22, 2013
Tokyo/ Ulan Bator, May 16th 2013 - JCB International Co, Ltd. (“JCBI”), the international operations subsidiary of JCB, Bank of Mongolia (“BOM”), chair of the nationwide payment network, and Trade and Development Bank of Mongolia (“TDBM”), a major commercialT Tbank in Mongolia, are pleased to announce the signing of a Master License agreement for merchant acquiring. TThe new agreement enables all merchants in Mongolia to accept JCB cards.
BOM, as the country's central bank, started setting up a countrywide payment network in 2010 in order to cater for the rising demand for international and domestic payment card acceptance. TDBM had a partnership with JCBI since 1994 and offered to act as the gateway to the JCB network.
Kimihisa Imada, Deputy President of JCBI said, “I am very pleased to be able to strengthen our business in this country through the partnership with BOM and TDBM. We foresee that the card market in Mongolia will be growing even faster thanks to the country’s strong economic development. Together with BOM and TDBM, we are eager to aggressively expand our collaboration in this market.”
Batshugar Enkhbayar, Deputy Governor of BOM said, “As we are aware, the central bank’s role in the payment system is to promote its primary function of providing payment, clearing and settlement service; in this context, cashless payments are one of the important functions for the financial system and the economy as a whole. BOM started payment card clearing network in collaboration with major member banks in 2010. Since this historical event, both domestic and international card payment volume has been rising continuously. We believe that TJCB card acceptance in the country will expand both economic and financial cooperation between Japan and Mongolia.”
Medree Balbar, Chief Executive Officer of TDBM said, “It is a great honor for me to have a partnership with JCBI and BOM. JCBI and TDBM have enjoyed a long standing relationship with each other from 1994. Over the last decades, our connections and JCB card transactions have been growing, significantly. Looking to the future, we will be able to achieve more and to be able to continue to develop even stronger relationships between the people of Mongolia and Japan through our broad cooperation.”
The new agreement between JCBI and the two Mongolian institutions will significantly improve the payment environment for JCB cardmembers visiting the country. With the card acceptance made wider through this deal, JCB is looking to start the card issuance with banks in Mongolia in the near future.
Re-disseminated by The Asian Banker