Source: JCB International Co. Ltd
JCB International Co, Ltd. ("JCBI"), the international operations subsidiary of JCB Co., Ltd., and Bank of Mongolia ("BOM") have announce the signing of a system network agreement for T-Card JCB credit and debit card issuing.
BOM established a nationwide payment network in 2010 in order to provide uniform card payment services for the people of Mongolia. JCBI entered a master acquiring license agreement with major commercial bank Trade and Development Bank of Mongolia in May 2013 resulting in JCB card acceptance at almost all card merchants and ATMs throughout the country. Currently four major banks act as gateways to the payment network for all domestic banks in Mongolia, which have issued about 1.5 million T-card bank cards to their customers. The new agreement with BOM enables these network member banks to start issuing credit and debit cards carrying both the T-card and JCB brands starting in early 2016.
Mongolia's economy is growing fast and the country is seeing an increase in overseas travel for both business and leisure. In 2013 about 1.35 million Mongolian people traveled to nearby Japan, China, Korea and Russia, where JCBI has a strong presence. With the new agreement T-Card JCB co-badged cardmembers can enjoy international acceptance for their T-cards via the JCB network in 190 countries and territories worldwide.
Koremitsu Sannomiya, President & COO of JCBI, said, "BOM and JCBI have had a partnership since 2013 aiming to develop the payment industry in Mongolia. This agreement will ensure further economic growth by sharing our experience and knowledge of payment business with BOM. It is expected that more and more Mongolian people will travel abroad and we believe this partnership for issuing co-badged card will definitely contribute to the convenience of payment outside the country."
Batshugar Enkhbayar, Deputy Governor of BOM said, "We truly value JCBI's desire to continue to expand its financial products worldwide with motivation to involve globalization. We, the Bank of Mongolia fully empower payment card development projects and pledges the necessary supports to all banks that introduce new products for the benefit of their clients. I believe that the company with over 50 years of experience would bring an excellent, continuous development between our organizations. On the other hand, we will ensure all necessary supports, in the legal framework, needed from JCBI."