Ulaanbaatar, Mongolia – December 28, 2023: Trade and Development Bank JSC (TDB), a leading financial institution in Mongolia, is pleased to announce the opening of a USD clearing account with The Bank of New York Mellon (BNY Mellon) in the United States. This milestone marks Mongolia’s reconnection to the global USD payment system for the first time since being placed on the Financial Action Task Force (FATF) grey list in October 2019.
This initiative stems from TDB’s commitment to facilitating international trade and supporting Mongolia’s economic development. Establishing a correspondent relationship with BNY Mellon, a globally recognized and leading institution, is a significant step in restoring confidence in Mongolia’s banking sector and aligning with international compliance standards.
O. Orkhon, CEO of Trade and Development Bank JSC, commented:
“This is a major achievement not only for our bank but also for Mongolia. Reconnecting to the global USD payment system is a testament to our unwavering efforts to adhere to international financial standards and restore trust with our global partners.”
The direct clearing account enhances TDB’s ability to process USD transactions more efficiently, reducing transaction times and significantly lowering costs. These improved services will benefit customers and are expected to provide substantial support for Mongolia’s cross-border trade and economic activities, contributing to the country’s economic recovery.
Moreover, this partnership underscores Mongolia’s efforts to strengthen its financial regulatory framework and align with international compliance standards. Rejoining the USD payment system highlights TDB’s role in implementing FATF recommendations and improving financial control mechanisms in Mongolia.
Randolph S. Koppa, Chairman of the Board of Directors of TDB, stated:
“We are immensely proud to collaborate with The Bank of New York Mellon, a prestigious institution with a rich history and a global presence. This partnership opens new opportunities and serves as a step toward building stronger economic ties with the international community.”
TDB remains committed to serving as a catalyst for Mongolia’s economic growth and development while upholding the highest standards of financial integrity and transparency.
About Trade and Development Bank JSC (TDB)
Established in 1990, Trade and Development Bank JSC (TDB) is Mongolia's leading financial institution, providing a comprehensive range of commercial banking services. TDB is committed to adhering to international financial standards and contributing to Mongolia's economic growth and development.
As the largest lender in Mongolia, TDB serves a strong customer base of major corporations across all sectors of the economy, maintaining its leading position in the trade payments sector. With correspondent relationships with over 300 international financial institutions and more than 80 nostro accounts with major clearing banks worldwide, TDB offers a wide range of trade finance tools, products, and services to meet the needs of domestic and international customers.
TDB is one of Mongolia’s most experienced and active participants in the international market, specializing in syndicated and non-syndicated loans, trade finance, and international money transfers.