back Back

3 companies helping Mongolia to embrace FinTech

By Leandra Monteiro

August 04, 2022

  • Capitron Bank
  • COVID-19 Pandemic
  • Digital Payments
Share

Fintech, MongoliaThe 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 over the past few years. Moreover, the COVID-19 pandemic further accelerated the digital transformation of the financial industry. However, in Mongolia, the FinTech industry is in the early stages of development. The presence of a network association of FinTech investors, tech players, and industry participants are particularly important as they can represent industry interests, act as self-regulatory organizations, 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

GrapeCity Mongol LLC was established in 2000 and has been specializing in the development of banking and payment solution software and is a market leader in this sector. Of the 12 commercial banks in Mongolia, 11 use its software products, and 9 are operating on its Core Banking system.

Based on its unique market positioning in the banking sector, GrapeCity established the first ever country wide, 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. User can registers for Most Money service by going to XXBank or Capitron Bank with ID card and mobile phone. Download and install the Most Money application on their mobile phones.

The company encrypts and sends information to meet end-to-end security requirements, and uses OTP to securely protect its users privacy from third parties. Also, if the User’s privacy is entered incorrectly beyond the allowed frequency, the right will be temporarily blocked, and the confidentiality of information between the user and the system is ensured 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 provide international money transfer services.

Sendmn NBFC provides a solution for all kinds of money transfer issues to Mongolians scattered around the world in the cheapest way and 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.

ALSO READ: Global Payments Vendors and Landscape Report Q2 2022

Previous Article

August 04, 2022

AstroPay appoints Fayyaz Ansari as Chief Financial Officer

Read More
Next Article

August 04, 2022

Paystand acquires Yaydoo to enable B2B solutions across the Americas

Read More






IBSi Daily News Analysis

May 28, 2024

Capitron Bank

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FinTech CBiGroup secures $15m Series A funding to boost R&D

Read More

Today

Swift launches new cross-border payment tracking solution

Read More

Today

3 FinTechs propelling Contactless Payments Technology in India

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023