Mongolia’s largest bank to offer crypto-related services

Mongolia's largest bank will soon begin offering crypto services including custody, remittance, deposits, loans, and crypto-asset management.

According to DDaily, blockchain company Hexlant — founded by former Samsung developers — and white label tech company Delio havagreed to start working with the Ulaanbaatar-based Trade & Development Bank of Mongolia, or TDB Bank. It's one of Mongolia’s oldest banks, with 50 branches across the nation, ranking second out of 17 Mongolian banks in terms of total assets.

But the deal is not limited to the three parties aforementioned. The media outlet detailed that MDKI, a Mongolian mineral resource and blockchain company whose partners include crypto mining giant Bitfury, was also included in the agreement.

Primarily, TDB Bank works with industrial clients. Its portfolio includes over 400 Mongolian companies, offering them services such as project loans, trade loans, financial consulting, among others.

Hexlant meanwhile provides services such as blockchain smart contract development and verification, as well as wallet development, among other solutions.

An unnamed official from Delio told DDaily that through this partnership, “We are in full swing to enter the global virtual asset financial market,” with the most resources possible. However, a launch date has not been officially se for offering such crypto services to Mongolians.

Back in 2019, Ulaanbaatar City’s administration agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the payment methods for utility bills and government subsidies with the Terra stablecoin.

Mongolia has been taking steps in the crypto sphere since 2018. In that year, Cointelegraph reported that the country’s largest mobile telecoms operator had become Mongolia’s first licensed entity to issue its own digital currency.