Golomt Bank is celebrating the first anniversary of the launch of its cross-border RMB remittance service through the Cross-Border Interbank Payment System (CIPS). After receiving approval from the People’s Bank of China in 2024 to join the system as a direct participant, the Bank commenced RMB remittance services for its customers in September 2025.
To support the launch of this service, Golomt Bank worked closely with Agricultural Bank of China to establish the required RMB payment infrastructure and successfully bring the service to the Mongolian market. Marking the first anniversary of the service, representatives of the two banks met to review the achievements of their cooperation and discuss opportunities to further expand their partnership.

Mr. Ganbold Galsan, President of Golomt Bank

                 Since establishing a correspondent banking relationship with Agricultural Bank of China in 2003, we have continuously strengthened our cooperation. Today, we are delighted to celebrate the first anniversary of introducing cross-border RMB payment services through our long-standing partnership. As the use of RMB in international trade and investment continues to expand, we remain committed to providing our customers with faster, more reliable and more efficient payment solutions.

This RMB payment service is supported by a global network connecting more than 5,000 banks and financial institutions across 191 countries and regions, enabling Golomt Bank’s customers to conduct cross-border RMB transactions more quickly, securely and efficiently. The integration of CIPS now enables real-time RMB payment processing through a more streamlined, efficient, and secure framework, resulting in faster settlement, enhanced reliability, and improved cost efficiency for cross-border transactions.

Mongolia’s Global Benchmark Bank