On November 13, Trade and Development Bank (TDB) became the first commercial bank in Mongolia to receive licenses from the Bank of Mongolia as a “Clearing System Operator” and a “Payment Card Processor”, based on the National Payment System Law and related regulations.
These licenses enable TDB to:
- Reduce duplicated investment costs and fees for maintaining secure and efficient payment systems, software, and technical infrastructure across banks.
- Provide reliable intermediary services to commercial banks, non-bank financial institutions (NBFIs), and fintech companies, allowing them to offer secure and efficient payment services to their clients.
Since 2004, TDB has served as a switch and processor for card payments in Mongolia, ensuring seamless and secure operations for eight commercial banks. Its long-standing expertise in managing card payment systems has contributed to the reliability and continuity of Mongolia’s financial infrastructure.
In 2017, the National Payment System Law established the Bank of Mongolia as the country’s clearing bank. Today, TDB proudly becomes the first commercial bank to take on this critical role, further solidifying its leadership in modernizing Mongolia's financial ecosystem.
