Mongolian fintech company partners with Thunes to serve under banked customers
Mongolia’s first fintech lender LendMN has signed an exclusive cooperation agreement with Thunes, which provides a cross - border network that delivers smarter payment solutions for emerging economies
Mongolia’s first fintech lender LendMN has signed an exclusive cooperation agreement with Thunes, which provides a cross - border network that delivers smarter payment solutions for emerging economies. The partnership between LendMN and Thunes was established in an effort to promote financial inclusion and smarter payment solutions. It delivers a convenient new service for deeper financial inclusion by allowing Mongolians worldwide to send money back home straight to smart phones. Thunes has built the network for money senders to directly reach Mongolian mobile wallets. LendMN app users can then either use their wallet to purchase goods and services or transfer the amount to their bank account for free of charge. Only 27 percent of all adults in Mongolia use bank account to receive their wages, according to the World Bank, whilst the national population is over 3 million people has registered nearly four million mobile pphones, according to the Communications Regulatory Commission of Monoglia. Recognizing this gap, LendMN launched the country’s first digital wallet last year to allow quick and easy access to personal funds. The complete digitalization of the mobile wallet set up meant rapid adoption and since then, LendMN saw firsthand the need for greater access to mobile money. Hanpass, one of the first money transfer operators to benefit from this partnership, has seen significant interest from its user base. Director at Hanpass Alex Kim remarked, “Our customers want a stress-free remittance solution to a wide range of countries and Mongolia is key to our offering.” “This partnership gives Mongolians the means to contribute to the economy and foster development and growth at home,” commented Thunes CEO Steve Vickers. “Now, thanks to our collaboration, more people in Mongolia will have access to financial services and money transfer via their smart phones.” CEO of LendMN B.Gantulga added, “Our goal is to make digital money transfer services accessible to everyone without any geographical limits. The partnership between LendMN and THunes will allow LendMN customers instantly receive money to their mobile wallet from overseas.”
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